AgJunction Announces Final Settlement in Litigation Against Ag Leader
08 Juli 2021 - 10:05PM
AgJunction Inc. (TSX: AJX) and its wholly-owned subsidiary,
Novariant, Inc. (together "AgJunction" or the "Company"), today
announced a final settlement of the patent infringement and breach
of contract lawsuit the Company filed against Ag Leader Technology
Inc. (“Ag Leader”) in November of 2020. The lawsuit alleged that Ag
Leader’s new autosteering products infringe three of AgJunction’s
patents related to automated machine control. The lawsuit further
alleged that Ag Leader breached the long-term supply agreement
between the companies.
Under the terms of the settlement, Ag Leader will pay AgJunction
a prepaid and ongoing royalty in exchange for a non-exclusive
license to its extensive patent portfolio. Specific terms of the
settlement are confidential and have not been disclosed.
“We are very pleased to announce the swift settlement of this
litigation, which again confirms the strength of our industry
leading intellectual property portfolio,” said Bob Barjesteh,
AgJunction executive vice president and general counsel. “While we
are delighted with this outcome, we continue to remain vigilant
while aggressively enforcing our intellectual property rights to
protect our products and customers.”
Commenting on the final settlement, AgJunction President and
CEO, M. Brett McMickell said, “We are pleased that we reached a
final settlement with Ag Leader. Our agreement protects our
customers and provides a favorable outcome for our
shareholders.”
In accordance with the settlement agreement, the parties will
submit a joint stipulation of dismissal requesting that the United
States District Court for the District of Arizona dismiss with
prejudice all claims pending, concluding the litigation by
AgJunction against Ag Leader.
About AgJunction AgJunction Inc. is a global
leader of advanced guidance and autosteering solutions for
precision agriculture applications. Its technologies are critical
components in over 30 of the world’s leading precision Ag
manufacturers and solution providers and it holds over 200 patents
and patents pending. AgJunction markets its solutions under leading
brand names including Novariant®, Wheelman®, Whirl™ and
Handsfreefarm® and is committed to advancing its vision by bringing
affordable hands-free farming to every farm, regardless of terrain
or size. AgJunction is headquartered in Scottsdale, Arizona, and is
listed on the Toronto Stock Exchange (TSX) under the symbol “AJX.”
For more information, please go to AgJunction.com.
Forward-Looking Statements This press release
contains forward-looking information and forward-looking statements
(collectively, "forward-looking information") within the meaning of
applicable securities laws and is based on the expectations,
estimates and projections of management of AgJunction as of the
date of this news release, unless otherwise stated. The use of any
of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended
to identify forward-looking information. These statements are only
predictions and actual events or results may differ materially.
Although the Company’s management believes that the expectations
reflected in the forward-looking statements are reasonable, it
cannot guarantee future results, performance or achievement since
such expectations are inherently subject to significant business,
economic, competitive and political uncertainties and
contingencies. Accordingly, readers should not place undue reliance
on such forward-looking information contained in this press
release.
In respect of the forward-looking information, AgJunction has
provided such information in reliance on certain assumptions that
it believes are reasonable at this time, including, but not limited
to, the sufficiency of budgeted capital expenditures in carrying
out planned activities; that AgJunction's future results of
operations will be consistent with management expectations in
relation thereto; availability of key supplies, components,
services, networks and developments; the impact of increasing
competition; conditions in general economic, agricultural and
financial markets; demand for the Company's products; and the
continuity of existing business relationships.
Since forward-looking information addresses future events and
conditions, such information by its very nature involves inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. These include, but are not limited to the risks associated
with the industries in which AgJunction operates; competition;
inability to introduce new technology and new products in a timely
manner; legal claims for the infringement of intellectual property
and other claims; negative conditions in general economic,
agricultural and financial markets; and reduced demand for the
Company's products. Readers are cautioned that the foregoing list
of factors is not exhaustive.
Additional information on other factors that could affect the
Company's operations or financial results, are included in reports
of AgJunction on file with applicable securities regulatory
authorities, including but not limited to, AgJunction's Annual
Information Form which may be accessed on its SEDAR profile at
www.sedar.com. The forward-looking information contained in this
press release is made as of the date hereof and AgJunction
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
Contact:
MediaAgJunction Inc.press@agjunction.com
Investor RelationsGateway Investor
RelationsCody Slach or Cody Cree1-949-574-3860AJX@gatewayir.com