REG - Nanoco Group PLC - Nanoco Commences Patent Infringement Lawsuit

NanocoAnnouncement

17/02/2020 07:00

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RNS Number : 1361D  Nanoco Group PLC  17 February 2020

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

FOR IMMEDIATE
RELEASE
17 February 2020

 

Nanoco Group PLC

("Nanoco, the "Group", or the "Company")

Nanoco commences patent infringement lawsuit against Samsung and is seeking
damages and other equitable relief.

 

Nanoco Group plc (LSE: NANO), a world leader in the development and
manufacture of cadmium-free quantum dots and other nanomaterials emanating
from its technology platform, today announces that it has filed a patent
infringement lawsuit against certain defendants in the United States District
Court for the Eastern District of Texas. The lawsuit claims infringement of
Nanoco's U.S. Patent No.'s: US7,588,828; US7,803,423; US7,867,557;
US8,524,365; US9,680,068.  These patents relate to Nanoco's unique synthesis
and resin capabilities for quantum dots.

 

Named as defendants in the lawsuit are: (i) Samsung Electronics Co. Ltd; (ii)
Samsung Display Co. Ltd; (iii), Samsung Advanced Institute of Technology; (iv)
Samsung Electronics Co. Ltd, Visual Display; and (v) Samsung Electronics
America all of which are involved in the production or sale of components and
fully assembled units for the display market, specifically televisions
utilising quantum dots to significantly enhance the viewing experience of the
user.

 

In the lawsuit, Nanoco alleges that each of the defendants has wilfully
infringed the Company's patents and seeks a permanent injunction from further
acts of infringement and significant monetary damages.

 

Nanoco has retained Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., an
international IP law firm based in Boston, Massachusetts, USA, to represent it
in patent enforcement and litigation. Ward, Smith & Hill, PLLC, an IP law
firm based in Longview, Texas, USA, has been retained to act as local counsel.

 

The Company is continuing to review its strategic options including, but not
limited to, a potential sale of the Company through a formal sale process as
announced on 5 November and will make a further announcement in due course.
 The Company's expectations for cash on hand remain in line with prior
communications.

 

Dr Christopher Richards, Nanoco's Chairman, commented:

"As a UK based business specialising in the design, scale up and manufacture
of novel nano-materials, it is critical that we take steps to protect our
platform technology and the IP that underpins it.  Historically the Group
worked collaboratively with Samsung on developing enhanced quantum dots based
on our unique and patented CFQD ® Quantum Dot technology and associated IP.
We were therefore naturally disappointed when Samsung ended the collaboration
and launched its QD based televisions without entering into either a licensing
or supply agreement with Nanoco.

 

Whilst the lawsuit has been filed, Nanoco continues to remain open to finding
a mutually acceptable commercial solution.  Nanoco's action is appropriate to
take at this time in the best interest of the Company and its shareholders, to
defend one of our core assets.  The Board believes that the lawsuit and
possible options for monetisation of the Group's IP are a testament to the
quality of Nanoco's technology and underlying IP."

 

- Ends -

 

 

Enquiries:

 

 Nanoco Group PLC                                +44 (0)161 603 7900

 Michael Edelman, Chief Executive Officer

 Brian Tenner, Chief Financial Officer

 Caroline Watson, Investor Relations Manager

 Peel Hunt (Corporate Broker to Nanoco)          +44 (0)20 7418 8900

 Edward Knight

 Nick Prowting

 MHP Communications                              +44 (0)20 3128 8100

 Reg Hoare                                       nanoco@mhpc.com

 Giles Robinson

 Peter Lambie

 

In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy
of this announcement will, subject to certain restrictions relating to persons
resident in restricted jurisdictions, be available at
www.nanocotechnologies.com/investor-relations/.  The person responsible for
arranging for the release of this announcement on behalf of Nanoco is Brian
Tenner, Chief Financial Officer.  For the avoidance of doubt, the content of
the website referred to above is not incorporated into and does not form part
of this announcement.

 

This announcement is not an announcement of a firm intention to make an offer
under Rule 2.7 of the Code and there can be no certainty that an offer will be
made, nor as to the terms on which any offer might be made.  Any offer (if
made) will be made solely by certain offer documentation, which will contain
the full terms and conditions of any offer (if made), including details of how
such offer may be accepted.  This announcement has been prepared in
accordance with English law and the Code, and information disclosed may not be
the same as that which would have been prepared in accordance with laws
outside of the United Kingdom.  The release, distribution or publication of
this announcement in jurisdictions outside of the United Kingdom may be
restricted by laws of the relevant jurisdictions, and therefore persons into
whose possession this announcement comes should inform themselves about, and
observe, any such restrictions.  Any failure to comply with the restrictions
may constitute a violation of the securities law of any such jurisdiction.

 

MAR

 

The information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014.  Upon the publication of this announcement via
a Regulatory Information Service, this inside information will be considered
to be in the public domain.

 

FORWARD LOOKING STATEMENTS

 

This announcement (including information incorporated by reference in this
announcement), oral statements made regarding the formal sale process, and
other information published by Nanoco may contain statements about Nanoco that
are or may be deemed to be forward looking statements.  Such statements are
prospective in nature.  All statements other than historical statements of
facts may be forward looking statements.  Without limitation, statements
containing the words "targets", "plans", "believes", "expects", "aims",
"intends", "will", "may", "anticipates", "estimates", "projects" or
"considers" or other similar words may be forward looking statements.

 

Forward looking statements inherently contain risks and uncertainties as they
relate to events or circumstances in the future.  Important factors such as
business or economic cycles, the terms and conditions of Nanoco's financing
arrangements, tax rates, or increased competition may cause Nanoco's actual
financial results, performance or achievements to differ materially from any
forward looking statements.  Due to such uncertainties and risks, readers are
cautioned not to place undue reliance on such forward looking statements,
which speak only as of the date hereof.  Nanoco disclaims any obligation to
update any forward looking or other statements contained herein, except as
required by applicable law.

 

 

Notes for editors:

 

About Nanoco Group plc

 

Nanoco (LSE: NANO) harnesses the power of nano-materials. Nano-materials are
materials with dimensions typically in the range 1 - 100 nm. Nano-materials
have a range of useful properties, including optical and electronic. Quantum
dots are a subclass of nano-material that have size-dependent optical and
electronic properties. The Group produces quantum dots. Within the sphere of
quantum dots, the Group exploits different characteristics of the quantum dots
to target different performance criteria that are attractive to specific
markets or end-user applications such as the Display and Electronics markets.
One of the interesting properties of quantum dots is photoluminescence: the
emission of longer wavelength light upon excitation by light of a shorter
wavelength. The colour of light emitted depends on the particle size. Nanoco's
CFQD® quantum dots are free of cadmium and other toxic heavy metals, and can
be tuned to emit light at different wavelengths across the visible and
infrared spectrum, rendering them useful for a wide range of applications
including displays, lighting and biological imaging.

Nanoco has non-exclusive manufacturing and marketing licensing agreements in
display with The Dow Chemical Company, Merck KGaA of Germany and Wah Hong
Industrial Corporation of Taiwan.

Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US
subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a
world-class, patent-protected IP portfolio generated both by its own
innovation engine, as well as through acquisition.

Nanoco is listed on the Main Market of the London Stock Exchange and trades
under the ticker symbol NANO. For further information please
visit: www.nanocogroup.com (http://www.nanocogroup.com) .

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