Nanoco Group PLC - Litigation Funding Agreement
FOR IMMEDIATE RELEASE
("Nanoco", the "Group", or the "Company")
Litigation Funding Agreement
Agreement funds patent infringement lawsuit against Samsung
Under the LFA, the Funder will fund the costs of the litigation against Samsung. The LFA removes the funding burden for the suit from Nanoco and its shareholders. In return, the Funder can expect to receive a multiple of their invested capital in the event of a settlement or judgement in favour of Nanoco. Patent infringement cases can take 2 years or more to get to trial and cost many millions of dollars to prosecute.
The Board is confident in the strength of Nanoco's IP portfolio and the suit against Samsung. Damages models indicate that the Group will retain the majority of any financial award or settlement and the Group's relative and absolute share of any award will increase with the size of the overall award.
Dr Michael Edelman, Nanoco's CEO, commented:
"We are particularly pleased to be working with IP lawyers and a Funder who have strong and established track records for successfully pursuing patent infringement cases, including against Samsung. The successful outcome of their extensive and detailed due diligence, including the use of independent experts, adds to our significant confidence in our case against Samsung for what we believe to be their willful infringement of our intellectual property. This follows on from the similarly detailed due diligence performed by our strategic adviser (
"With third party funding for the costs of the litigation, alongside our recently announced agreement with STMicroelectronics underpinning our cash runway through the second quarter of 2021, we now have a platform on which to deliver new commercial business wins and further extend our cash runway while actively pursuing this lawsuit against Samsung."
- Ends -
For further information, please contact:
Michael Edelman, CEO +44 (0) 161 603 7900
Brian Tenner, COO & CFO +44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager +44 (0) 7799 897 357
Edward Knight +44 (0) 20 7418 8900
The person responsible for arranging for the release of this announcement on behalf of Nanoco is Brian Tenner, Chief Financial Officer.
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
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:
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 was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary,
Nanoco is listed on the Main Market of the
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