Gevo Temporarily Dismisses GIFT(R) Lawsuit Because Butamax Does Not Have a Commercial Biobutanol Plant
10 Mai 2013 - 4:10PM
Gevo, Inc. (Nasdaq:GEVO) today announced that it has agreed to
temporarily dismiss its lawsuit against Butamax Advanced Biofuels,
LLC (Butamax) and E. I. du Pont de Nemours and Company (DuPont) for
infringing one of Gevo's three GIFT® patents, US Patent No.
8,101,808 ( '808 Patent). Gevo maintains all of its other lawsuits
against Butamax and DuPont for infringing Gevo's biocatalyst
technology.
"When we filed this lawsuit, we expected Butamax to have a
commercial biobutanol plant by now. We decided to dismiss the
'808 lawsuit, for now, because Butamax doesn't have a commercial
plant that infringes the '808 patent and according to DuPont, they
will not have a commercial plant by the time of the trial," said
Brett Lund, executive vice president and general counsel of
Gevo.
At DuPont's May 2, 2013 Analyst Day, a DuPont spokesperson said,
"We would expect to start the first conversion in
2015." "Butamax had stated plans to begin commercializing
their biobutanol technology in 2010, and now this date has slipped
to at least 2015," said Lund. "Accordingly, it makes sense for
us to hold off on this litigation for now and, in doing so, we will
save significantly in legal costs," continued Lund. "In
addition to the '808 patent, we have two additional GIFT® patents
that we have not yet asserted against Butamax and we are free to
assert these at any time in the future. Additionally, Gevo is
maintaining all of its other lawsuits against Butamax and DuPont
for infringing our biocatalyst patents including our trial in
August 2013 for infringing our '375 and '376 Patents."
About Gevo
Gevo is a leading renewable chemicals and next-generation
biofuels company. Gevo's patent-protected, capital-light business
model converts existing ethanol plants into biorefineries to make
isobutanol. This versatile chemical can be directly integrated into
existing chemical and fuel products to deliver environmental and
economic benefits. Gevo has executed initial commercial-scale
production runs at its isobutanol facility in Luverne, Minn. and
has a marquee list of future partners including Coca-Cola, Sasol,
and LANXESS, among others. Gevo is committed to a sustainable
biobased economy that meets society's needs for plentiful food and
clean air and water. For more information, visit www.gevo.com.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements that are not purely statements of
historical fact, and can sometimes be identified by our use of
terms such as "intend," "expect," "plan," "estimate," "future,"
"strive" and similar words. These forward-looking statements are
made on the basis of the current beliefs, expectations and
assumptions of the management of Gevo and are subject to
significant risks and uncertainty. Investors are cautioned not to
place undue reliance on any such forward-looking statements. All
such forward-looking statements speak only as of the date they are
made, and the company undertakes no obligation to update or revise
these statements, whether as a result of new information, future
events or otherwise. Although the company believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2012,
as amended, and in subsequent reports on Form 8-K and other filings
made with the SEC by Gevo.
CONTACT: Media Contact:
Steve Halsey
Gibbs & Soell for Gevo
T: (212) 697-2600
shalsey@gibbs-soell.com
Investor Contact:
Chelsea DeLong
PR & Marketing Coordinator
T: (303) 858-8358
cdelong@gevo.com
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