Neo Wins Trade Secret Infringement Lawsuit

TORONTO, April 12 /CNW/ -  Neo Material Technologies Inc. (TSX:NEM) (the "Company" or "Neo") today reported that the Central Intellectual Property and International Trade Court of Thailand (the "Court") has ruled in favour of Neo and its Magnequench Division in their trade secret infringement lawsuit against International Magnetics Technologies Co. Ltd. ("IMT") and Dr. John J. Croat (IMT co-founder, President and CEO), Mr. Yoo Chul Kim (IMT co-founder and CFO), and Mr. Boonchuan Promthongdee (IMT Engineering Manager).

Pursuant to the Court ruling, IMT and principals Dr. John Croat and Mr. Yoo Chul Kim, together with Mr. Boonchuan Promthongdee, were ordered to cease from further use, and potential disclosure, of Magnequench's trade secrets, and to pay damages in the amount of THB 20 million (US $660,000).  The Court further ordered that all infringing machinery, know-how, and Nd-Fe-B magnetic powder products produced by such infringing machinery is to be turned over to Magnequench.  To ensure immediate compliance with the cease order, the Court ordered damages payable in the amount of THB 1 million (US $33,000) per month for any further infringing acts following the judgment date.

"In its landmark judgment, the Court has clearly said that it will hold accountable those who unlawfully misappropriate the intellectual property of others for their personal gain. We continue to invest with confidence in Thailand, as well as in China, South Korea and other countries", said Constantine Karayannopoulos, President and CEO of Neo.  "We remain committed to enforcing our intellectual property rights, which are protected by a broad patent portfolio and manufacturing trade secrets, against companies and individuals that do not respect them. Our next step is to enforce the judgment and to notify third parties, domestically and internationally, of the judgment so as to prevent possible unsuspecting involvement in the misappropriation of our trade secrets and purchase of infringed magnetic powders."

About Neo Material Technologies
Neo Material Technologies Inc. is a producer, processor and developer of neodymium-iron-boron magnetic powders, rare earths and zirconium based engineered materials and applications, and other rare metals and their compounds through its Magnequench and 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's rare metals products are primarily used in the wireless, LED, flat panel, turbine, solar and catalyst industries. The Company is headquartered in Toronto, Canada.

Forward Looking Statements
From time to time, the Company may publish forward-looking statements relating to such matters as expected financial performance, business prospects, technological developments, and development activities and like matters.  These statements involve risk and uncertainties, including but not limited to the risk factors previously described.  Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Neo Material Technologies Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

SOURCE Neo Material Technologies Inc.

For further information:

Michael Doolan Ali Mahdavi
Chief Financial Officer Investor Relations
(416) 367-8588, ext.335 (416) 962-3300, ext. 225
Website: www.neomaterials.com e-mail: amahdavi@neomaterials.com
e-mail: info@neomaterials.com  

 

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