Update re St Jude

RNS Number : 0421P

AorTech International PLC

18 October 2012

 

AorTech International plc

Update

AorTech International plc ("AorTech") previously announced that AorTech and its subsidiaries ("the AorTech Group") had delivered a Rectification Notice to Pacesetter, Inc. dba St. Jude Medical Cardiac Rhythm Management Division ("St. Jude"). The Rectification Notice alleged material breaches by St. Jude of its obligations under an agreement (the "Agreement") for the license and supply of AorTech's proprietary materials to St. Jude, and provided that to the extent the asserted breaches are capable of cure, if St. Jude did not cure such breaches within 30 days, the AorTech Group is entitled under the Agreement at its absolute discretion to terminate the Agreement, including all licenses and other rights for St. Jude to use AorTech's materials or intellectual property, other than use of materials already held by St. Jude. St. Jude has now filed a lawsuit seeking declaratory judgment from the court that it is not in breach under the Agreement and that the alleged breaches are not a basis for AorTech terminating the Agreement.  AorTech intends to vigorously defend the lawsuit and its rights under the Agreement. The district judge has directed the case to either the court mediation panel or to private mediation.

Enquiries:

AorTech International plc

Bill Brown, Chairman

Tel: [phone]

finnCap

Stuart Andrews/Rose Herbert
finnCap as Nominated Adviser
Tel: [phone]

 

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