AgJunction Announces Final Settlement in Litigation Against Ag Leader
SCOTTSDALE, Ariz., July 08, 2021 (GLOBE NEWSWIRE) -- 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.
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.
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.
Gateway Investor Relations
Cody Slach or Cody Cree