TORONTO, Jan, 24, 2019 /CNW/ - Neo Chemicals & Oxides (Europe) Ltd., an affiliate of Neo Performance Materials Inc. ("Neo", the "Company") (TSX:NEO), won a major court decision in Germany last week as the Federal Patent Court in Munich revoked the German designation of a key patent (EP 1435338) that had been claimed by Solvay Special Chem Japan Ltd. ("Solvay"), an affiliate of Brussels-based Solvay SA, on a cerium oxide-based product used to reduce nitrogen oxide (NOx) emissions in diesel vehicle engines.
The patent revocation marks another significant step toward restoring access by Neo's customers in the German market to Neo's market-leading vehicle emissions catalyst products, which are helping vehicle manufacturers meet increasingly stringent air pollution standards in markets around the world.
"We are very gratified by this decision to revoke a patent that clearly does not meet German patentability standards," said Geoff Bedford, Neo's President and CEO. "This is a major win for Neo in our continuing efforts to protect our customers' access to Neo's cost-effective emissions vehicle catalyst materials."
In light of the ruling, Neo is confident that the Appeal Court will stay enforcement of the 2017 judgment by the Mannheim Regional Court and suspend the infringement proceedings. The Mannheim Court had found that some of Neo's vehicle emissions catalyst products infringe the German designation of EP 1435338. Neo has appealed this decision to the Higher Regional Court Karslruhe. A stay of enforcement would permit Neo to resume the sale of its ceric oxide products in Germany.
The revocation decision by the German Federal Patent Court is subject to appeal.
Neo produces a range of innovative rare-earth-based vehicle emissions catalyst products. Global demand for these catalysts is growing, and Neo supplies innovative and highly efficient rare earth-based materials to the world's leading emissions catalyst manufacturers.
About Neo Performance Materials
Neo Performance Materials is a global leader in the innovation and manufacturing of rare earth- and rare metal-based functional materials, which are essential inputs to high technology, high growth, future-facing industries. The business of the Company is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. The Company is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, US; and Beijing, China. The Company operates globally with sales and production across 10 countries, being Japan, China, Thailand, Estonia, Singapore, Germany, United Kingdom, Canada, United States, and South Korea. For more information, please visit www.neomaterials.com.
Cautionary Note Regarding Forward-Looking Information
This news release includes forward-looking information. Each statement containing forward-looking information contained in this news release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement, including, without limitation, risks identified under the heading "Risk Factors" in our Annual Information Form for the fiscal year ended December 31, 2017 and filed with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada. We caution investor not to rely on the forward-looking information contained in this news release when making an investment decision in our securities. The forward-looking information in this news release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements.
SOURCE Neo Performance Materials, Inc.
For further information: Information Contact: Ali Mahdavi, Investor Relations, (416) 962-3300, Email: [email protected]; Jim Sims, Media Relations, (303) 503-6203, Email: [email protected], Website: www.neomaterials.com, e-mail: [email protected]