REG-XP Power Ltd: Re: Comet Legal Action - Judgement Released

XP PowerAnnouncement

03/10/2022 07:15

3 October 2022

XP Power Limited

(“XP Power” or “the Group” or the “Company”)

Re: Comet Legal Action - Judgement Released

Further to its announcement of 24 March 2022, XP Power notes the judgment on
Friday 30 September 2022 confirming the jury’s decision to award to Comet
Technologies USA Inc of $40 million of damages and imposing an injunction upon
XP Power in relation to certain trade secrets. The Board is considering next
steps, including potentially asking the Judge to review the level of damages
and will update as soon as possible.

As previously outlined, no current orders or revenue are based on this Radio
Frequency technology and the damages were accounted for in our guidance at the
recent August interim results. The Company will update on its third quarter
financial performance on the 11 October 2022 but is pleased to confirm that
trading in the period has improved from the first half run-rates.

James Peters, Chair of XP Power, said:

“We are disappointed by the judgment and will consider our next steps
promptly. XP Power has a strong future, and while 2022 has been frustrating,
the Board has not lost sight of the Group’s longer term prospects.”

Enquiries:

XP Power              

Gavin Griggs, Chief Executive
Officer                                +44
(0)118 984 5515

Oskar Zahn, Chief Financial Officer                           
       +44 (0)118 984 5515

Citigate Dewe
Rogerson                                                                                                           

Kevin Smith/Jos Bieneman           
                                      +44
(0)207 638 9571

Note to editors

XP Power designs and manufactures power controllers, the essential hardware
component in every piece of electrical equipment that converts power from the
electricity grid into the right form for equipment to function.

XP Power has invested in research and development and its own manufacturing
facilities in China and Vietnam, to develop a range of tailored products based
on its own intellectual property that provide its customers with significantly
improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock
Exchange since 2000. XP Power serves a global blue-chip customer base from 29
locations in Europe, North America, and Asia. 

For further information, please visit xppower.com (http://xppower.com/)



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