Imdex (ASX: $IMD) Update on Patent Infringement Case

Imdex Limited (ASX: $IMD) has announced that the Federal Court has issued a damages award against Globaltech Corporation Pty Ltd, a subsidiary of Boart Longyear, for patent infringement. The court has ordered Globaltech to pay $7,958,637 to AMC, a subsidiary of Imdex, within 14 days of demand. This follows a long-running legal battle initiated by AMC in 2016, and CEO Paul House expressed satisfaction with the outcome, emphasizing the company's commitment to protecting its intellectual property.

Imdex CEO Paul House on Patent Infringement Decision

Imdex CEO Paul House stated, 'This is a vindication of our patience and persistence in seeking to protect our unique intellectual property and we are pleased to finally have a quantified outcome. We remain committed to progressing with the equivalent legal actions in both Australia and overseas.'

Summary of Imdex (ASX: $IMD) Announcement

Imdex (ASX: $IMD) has successfully secured a damages award against Globaltech for patent infringement, with the Federal Court ordering Globaltech to pay $7,958,637 to AMC, a subsidiary of Imdex. CEO Paul House expressed satisfaction with the outcome and reaffirmed the company's dedication to pursuing legal actions to protect its intellectual property. Additionally, Imdex has initiated similar legal action in Canada, with the Federal Court scheduled to hear the case in September 2024. The company's commitment to safeguarding its patented technologies remains unwavering, and it continues to pursue legal recourse both domestically and internationally.