IMDEX and Boart Longyear settle IP dispute
Make us a preferred source
Make us a preferred source on Google
The news: Mining tech firm IMDEX has announced a resolution to its intellectual property dispute with drilling company Boart Longyear.
The numbers: The companies have agreed to settle their global disputes and have entered into a binding settlement agreement, which includes transfer of certain intellectual property to IMDEX, new supply agreements between the parties, and a $10 million payment to IMDEX.
Earlier this year, mining equipment manufacturer Globaltech was ordered by the Federal Court to pay $7.96 million to IMDEX's subsidiary Australian Mud Company following a lengthy patent battle, resulting in Globaltech being placed into voluntary administration in April.
IMDEX consequently entered into a deed of company administration (DOCA) with Globaltech's administrators on 31 July, which was challenged by a number of Boart Longyear companies, with the court scheduling a hearing in October to determine the outcome of the challenge.
Globaltech is 58% owned by Veracio, a subsidiary of the Boart Longyear group of companies.
The context: IMDEX said all global proceedings commenced by either IMDEX or Boart Longyear, which span Canada, Australia and South Africa, will be discontinued or brought to a final determination without any order for compensation. Boart Longyear will drop the challenge to, and agree to support, IMDEX's DOCA for Globaltech.
Subject to IMDEX's DOCA for Globaltech being finalised, all of Globaltech's patents and trademarks will be incorporated as part of IMDEX's IP portfolio and Boart Longyear will receive a licence for some of its tools, the company said.
What they said: IMDEX CEO and managing director Paul House said: "We are pleased to bring this long running dispute to an end and look forward to starting a new chapter in our relationship with Boart Longyear, where we get to provide our market leading technologies with one of the world's pre-eminent drilling companies".
"We believe this settlement agreement creates a firm foundation for both our companies to work together to deliver improved productivity and data outcomes for our mining customers globally," House said.
The source: ASX announcement
