Agreements enhance patent protection through mid-2014
TORONTO, July 23 /CNW/ - Neo Material Technologies (TSX: NEM) (the
"Company" or "Neo") announced today that its Magnequench division has
effectively completed the extension of its patent compliance program (the
"Program") until July 2014. On May 5, 2008, the Company announced that it had
reached agreements with an initial group of Program participants. As stated in
that announcement, the Company continued discussions with the remaining
participants in the Program.
Ten companies, including Samsung Electronics, LG Electronics, and Lite-On
IT Corporation, have now joined the initial group of 6 Program participants
which included Mitsumi Electric, Alphana Technology (formerly known as the JVC
Motor Company) and Kodak among others. These participating companies account
for essentially all of the Optical Disc Drive ("ODD") market, as well as large
portions of the Office Automation and Hard Disc Drive markets. Prior to the
Program's establishment, ODDs had been the largest target market for
infringing, non-Magnequench magnetic powders. The agreements, which extend the
duration of the Program from December 2009 until July 2014, are intended to
protect a significant portion of Magnequench's core business from patent
infringement, by broadly and regularly monitoring the market for infringing
materials.
In addition to these agreements, the Company is actively working with
several companies in North America to implement the Program for products not
related to computer or IT applications, such as dynamos, automotive
motor/sensor and consumer electronic applications. By proactively cooperating
in such markets, the Company is seeking to prevent the introduction and growth
of infringing materials into these growing applications.
"We are very pleased with the result of our discussions with the
Program's participants. The extension agreements will ensure the continuous
and successful safeguarding of our intellectual property and help maintain our
fair market share in these dynamic end markets," stated Constantine
Karayannopoulos, President and CEO. "Moreover, reaching these agreements gives
us the opportunity to expand our R&D efforts, by allocating additional
resources to the development of new technologies, applications and markets."
About Neo Material Technologies
Neo Material Technologies is a producer, processor and developer of
neodymium-iron-boron magnetic powders, rare earths and zirconium based
engineered materials and applications through its Magnequench and AMR
Performance Materials business divisions. These innovative products are
essential in many of today's high technology products. Magnequench's Neo
powders are used to produce bonded magnets, generally used in micro motors,
precision motors, sensors and other applications requiring high levels of
magnetic strength, flexibility, small size and reduced weight. Rare earth and
zirconium applications include catalytic converters, computers, television
display panels, optical lenses, mobile phones and electronic chips. The
Company is headquartered in Toronto, Canada and has approximately 1,300
employees in 15 locations, across 10 countries.
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