Update on IP and appeals process

CAP-XX Limited

10 January 2024

 

Dissemination of a Regulatory Announcement that contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

10 January 2024

CAP-XX Limited

("CAP-XX" or the "Company")

Update on IP and appeals process

Further to the Company's announcement on 21 December 2023, CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, provides the following update.

On 27 December 2023, the Delaware District Court entered judgment in favour of Maxwell Technologies in a patent infringement case asserted by CAP-XX.  While CAP-XX is disappointed with the result, it is evaluating all options, including making an appeal to the Federal Circuit Court of Appeals.

CAP-XX has subsequently conducted a review of its patent portfolio and concluded that the Delaware District Court judgment does not have any impact on the integrity of the Company's portfolio of current patents and IP, the integrity and enforceability of its current licensing deals not the subject of this case, or the integrity of its portfolio of current patents awarded or pending. Furthermore, under US law there is no valid grounds for clawback if a licensed or expired patent is later invalidated.

The patents that were made invalid in the Delaware judgement were US 6,920,034 and US 7,382,600. Both of these patents expired in December 2019. The case took more than five years to be heard and the initial notification by CAP-XX to Maxwell (subsequently acquired by Tesla) for patent infringement was first made in September 2017.

CAP-XX's portfolio of current active patents comprises:

·      US7,595,131

·      US7,474,879

·      US7,969,121

·      US8,773,841

In addition, CAP-XX has two international patent applications that relate to:

·      new binders PCT/AU2023/015252

·      a new supercapacitor surface mount device (SMD) PCT/AU2023/051251

The Directors of CAP-XX believe that the Delaware District Court judgment will not have a materially adverse effect on CAP-XX's ongoing business, which remains in line with the update provided on 21 December 2023.

As previously reported, the Company looks forward to proceeding with its current product range, supported by a strong portfolio of current IP, to focus on the key short-term actions to maximise sales and deliver profitability.

For further information contact:

CAP-XX Limited

Pat Elliott (Chairman)                                                                             [phone]

Lars Stegmann (Chief Executive Officer)

Allenby Capital (Nominated Adviser and Joint Broker)

David Hart / Piers Shimwell (Corporate Finance)                                      [phone]

Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)

Cavendish Securities plc (Joint Broker)

Neil McDonald / Pearl Kellie                                                                   [phone]

Kreab (Financial PR)

Robert Speed                                                                                       [phone]

Notes to Editors:

CAP-XX (LSE: CPX) is a leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics, and deliver similar benefits in automotive and other transportation applications. For more information about CAP-XX, visit www.cap-xx.com

 

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