REG - Velocys PLC - Velocys wins injunction against CompactGTL <Origin Href="QuoteRef">VLSV.L</Origin>

VelocysAnnouncement

29/10/2014 07:57

RNS Number : 3874T
Velocys PLC
03 October 2014
3rd October 2014
Velocys plc
("Velocys" or "the Company")
Velocys wins injunction against CompactGTL
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that the UK High Court has ordered an immediate injunction restraining CompactGTL's infringing activities and payment of approx. 1.4 million to Velocys.
Following the UK High Court's ruling upholding the Velocys patents in suit and judging CompactGTL to be infringing them both (see RNS dated 22 Sepetmber 2014), the Court has now ordered an immediate injunction restraining CompactGTL from infringing the patents or enabling, procuring, or assisting any third party to infringe the patents. In addition to being used at its Wilton plant in the UK, CompactGTL confirmed to the Court that the same infringing technology was the subject of its activities with Petrobras (CompactGTL operated a demonstration plant at a Petrobras facility in Aracaju, Brazil). 
The Court also ordered CompactGTL to pay approx. 1.4 million to Velocys for its legal costs to date. The case is continuing, with determination of damages to Velocys expected after receipt of additional disclosures from CompactGTL regarding its activities.
Velocys has a very substantial patent portfolio comprising more than 900 patents, covering a broad range of countries, which protects key inventions relevant to smaller scale GTL. The Company also holds a significant inventory of trade-secrets which it has gained through years of development and practice. 
Equivalents of the two patents in this case have also been approved in numerous other jurisdictions around the world, including places where smaller scale GTL might be deployed, such as the United States and Canada, and countries where FT reactors and other associated equipment might be manufactured, such as Japan and South Korea.
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For further information, please contact: 
Velocys
Roy Lipski, CEO
Susan Robertson, CFO
+1 713 275 5840
+44 1235 841 700
Numis Securities (Nomad and Broker)
Alex Ham - Corporate Broking
Stuart Skinner / Jamie Lillywhite - Nominated Adviser
+44 20 7260 1000
Camarco (financial communications)
Billy Clegg / Georgia Mann
+44 20 3757 4983
Lionsgate Communications (European PR)
Jonathan Charles 
+44 20 3697 1209
Pierpont Communications (North American PR)
Krystal Hewitt 
+1 713 627 2223
Notes to editors
Velocys enables modular gas-to-liquids (GTL) plants to convert unconventional, remote and problem gas into valuable liquid fuels. Systems based on the Company's technology are significantly smaller than those using conventional technology, enabling modular plants that can be deployed cost effectively in remote locations and on smaller fields than is possible with competing systems. Together with world-class partners, Velocys provides complete modular GTL solutions that address an untapped market of up to 25 million barrels of fuel a day.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company has over 100 employees with facilities in Houston, Texas, USA and near Oxford, UK and Columbus, Ohio, USA.
www.velocys.com

This information is provided by RNS
The company news service from the London Stock Exchange
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