PR Newswire
TORONTO, Feb. 28, 2025 /CNW/ - Neo Performance Materials Inc. ("Neo" or the "Company") (TSX: NEO) announces that the Regional Court of Mannheim, Germany issued a judgement (the "Judgment") with respect to the damages proceedings related to European Patent #1435338 B1 ("EP'338") case. As previously disclosed, in July 2022, Rhodia Opérations SAS ("Rhodia", now Solvay) initiated an action in the Regional Court of Mannheim against Neo Chemicals & Oxides (Europe) Ltd. ("Neo C&O Europe"), a wholly-owned subsidiary of the Company, and two of its employees, requesting damages due to the infringement of EP'338 in Germany. The oral hearing of the proceedings took place in November 2024. The Judgment provides that Neo C&O Europe is liable for damages in the amount of approximately €10.3 million plus procedural interest of approximately €1.3 million (as of current date). The damages award is significantly lower than the amount originally claimed by Rhodia. The Judgment may be appealed by both parties within one month and is therefore not yet final. The damage award is less than the amount the Company has previously accrued in its financial statements and consequently, Neo does not expect the quantum of the Judgment to affect earnings in Q1 2025. EP'338 has since expired and has no impact on the Company's current products and earning. For a summary of the case, please see "Legal Proceedings and Regulatory Actions" in the Company's annual information form dated March 14, 2024 for the year ended December 31, 2023 and "Legal Contingencies" in the Company's MD&A for the period ended September 30, 2024.
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