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Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based global
manufacturer of advanced energy storage solutions, prevailed in
the appeal of a patent infringement lawsuit regarding the Company’s
carbothermal reduction technology.
The Canadian lawsuit was filed against Phostech Lithium, Inc. on January
31, 2007. Valence received a favorable judgment by the Trial Court this
past February which was subsequently appealed by Phostech. Canada’s
Federal Court of Appeal heard the appeal the week of June 6, 2011 and
yesterday ruled in Valence’s favor, dismissing the appeal with costs.
The Federal Court of Appeal affirmed the lower court’s finding of
Phostech’s infringement of Valence’s carbothermal reduction Canadian
patent, number 2,395,115 and found Valence’s Patents 2,395,115 and
2,466,366 valid. The injunction ordered by the trial court is
reinstated, which bars Phostech from making, using and selling cathode
materials made by Valence’s patented process. Valence is entitled to
reasonable compensation and costs for the trial and subsequent appeal,
as well as an election of either an accounting of profits or damages.
The determination of damages and costs will be dealt with in a separate
“We are very pleased the Canada Federal Court of Appeal agreed with
Justice Johanne Gauthier’s February ruling. Our lithium phosphate
technology delivers the superior performance, safety and cycle life
today’s commercial applications demand. Furthermore, as our global
patent estate grows, we will continue to vigorously protect our
worldwide intellectual property,” stated Valence president and chief
executive officer Robert L. Kanode.
About Valence Technology, Inc.
Valence Technology is a global leader in the development and manufacture
of safe, long-life lithium iron magnesium phosphate advanced energy
storage solutions and integrated command and control logic.
Headquartered in Austin, Texas, Valence enables and powers some of the
world’s most innovative and environmentally friendly applications,
ranging from commercial electric vehicles to industrial and marine
equipment. Valence Technology today offers a proven technology and
manufacturing infrastructure that delivers ISO-certified products and
processes that are protected by an extensive global patent portfolio. In
addition to the corporate headquarters in Texas, Valence Technology has
its Research & Development Center in Nevada, its Europe/Asia Pacific
Sales office in Northern Ireland and global fulfillment centers in North
America and Europe. Valence Technology is traded on the NASDAQ Capital
Market under the ticker symbol “VLNC.” For more information, visit www.valence.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including our statements regarding delivering the superior performance,
safety and cycle life today’s commercial applications demand and
continuing to develop and protect our worldwide patent estate. Actual
results may vary substantially from these forward-looking statements as
a result of a variety of factors including the outcome of any future
litigation regarding our intellectual property, our ability to
effectively protect our intellectual property rights in Canada and other
countries, our ability to further develop our intellectual property
rights including our patent portfolio and the actual performance
characteristics of our products. In addition, patents are geographically
territorial and a decision on Canadian patents generally affects the
acts of making, using, selling and importing products utilizing such
technology in Canada. Other risk factors that could affect our actual
results are discussed in our periodic reports filed with the Securities
and Exchange Commission, including our Annual Report on Form 10-K for
the year ended March 31, 2011, and our Quarterly Reports on Form 10-Q,
and the reader is directed to these statements for a further discussion
of important factors that could cause actual results to differ
materially from those in the forward-looking statements.