TIDMNANO
RNS Number : 2384D
Nanoco Group PLC
28 June 2021
28 June 2021
NANOCO GROUP PLC
("Nanoco", the "Company" or the "Group")
Litigation update and non-dilutive debt facility
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from its technology platform, announces an
update on its litigation against Samsung for the alleged wilful
infringement of the Group's IP and an intention from our major
shareholders to provide a non-dilutive debt facility to the
Group.
On 17 February 2020, the Group announced that it had filed a
patent infringement lawsuit against various Samsung entities in the
United States District Court for the Eastern District of Texas (the
'Court'). As previously reported, the Patent Trial and Appeal Board
(the 'PTAB') announced its decision to institute inter partes
reviews ('IPRs') of the five patents in the case. IPRs are a
standard part of IP litigation and examine the validity of the
patents themselves. The PTAB works to a regulated timeframe and
hence a decision on the IPRs is expected no later than May
2022.
Nanoco has now petitioned the judge in the Eastern District of
Texas to delay the Court trial until after the IPR decision is
announced. A ruling in favour of the joint motion is expected
shortly. This approach has the following expected benefits for
Nanoco and its position:
-- The IPRs will settle the majority of issues of patent
validity and hence these matters will not have to be addressed in
Court which will allow Nanoco to focus on the issues of
infringement and damages.
-- Nanoco has more claims in this suit than could be argued in a
trial. By going to trial after the IPRs, Nanoco will be able to
bring to Court those claims already confirmed as valid by the
PTAB.
-- With the passage of time, more infringing units of Samsung
product will be sold, thereby increasing the baseline historical
damages that result from a favourable trial verdict.
It is expected that a trial will be re-scheduled for late 2022
once the outcome of the IPRs is known. Both the IPRs and court
processes are then subject to appeal by both parties. Nanoco's
legal costs remain fully underwritten by the third party litigation
funder.
Given encouraging developments in the organic business, the
Group's major shareholders have indicated an intention to provide a
non-dilutive debt facility of GBP3.0m to the Group. The Board
expects to finalise these arrangements shortly, at which time a
further announcement will be made.
Brian Tenner, Chief Executive Officer of Nanoco Group plc,
said:
"We are making strong progress in our sensing materials with
customer published roadmaps indicating potential commercial
production in 2023. We also continue to develop new strategic
relationships. With a low and sustainable cost base underpinning
our core capabilities, production revenues will quickly see the
Group move to break even and organic cash generation in the short
to medium term. The support of our major shareholders will bridge
the gap to that point in time and also ensure our robustness
throughout the Samsung litigation process.
"Going to trial after the outcome of the IPRs is known will
maximise Nanoco's chances of winning the litigation. Nanoco's team
will be able to leverage claims that have already been shown to be
valid and thereby remove one hurdle to be overcome during the
trial. The sale of additional TVs by Samsung in the run up to the
later trial date also has the potential to increase the baseline
value in any damages model, which would also be subject to a
multiplier for wilful infringement.
"We have always needed to win both the IPRs and the trial to
achieve a successful outcome to the litigation process. The welcome
support of our major shareholders, while the IPRs and the Court
process both remain fully underwritten by the third party
litigation funder, allows us to manage the additional time until
the trial. Our confidence in the robustness and credibility of
Nanoco's patents to lead to a successful outcome to the IPRs and
the litigation remains unchanged."
- Ends -
For further information, please contact:
Nanoco Group PLC : +44 (0) 161 603 7900
Brian Tenner, CEO
Liam Gray, Company Secretary
Caroline Watson, Investor Relations Manager
cwatson@nanocotechnologies.com
Peel Hunt:
+44 (0) 20 7418 8900
Edward Knight
Nick Prowting
James Smith
MHP Communications : +44 (0) 20 3128 8788
Reg Hoare
Giles Robinson
Pete Lambie
nanoco@mhpc.com
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Company
Secretary.
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), 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 and other
nano-materials. 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, Sensor and
Electronics markets. An interesting property of quantum dots is
their absorption spectrum. Nanoco's HEATWAVE(TM) quantum dots can
be tuned to absorb light at different wavelengths across the
near-infrared spectrum, rendering them useful for applications
including image sensors. Another interesting property 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(R)
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 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.nanocotechnologies.com.
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END
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