StockMarketWire.com - Velocys has come to a settlement with CompactGTL Limited in the patent infringement case that Velocys filed in the UK in 2013.

Under the terms of the settlement, CompactGTL will make an undisclosed one-off payment to Velocys in recognition of its intellectual property.

In 2014, the UK High Court upheld the validity of the two Velocys patents in suit (known as '508 and '509), found certain CompactGTL activities at its Wilton pilot plant facility to be infringing both patents - six separate patent claims in total - and awarded an injunction.

With this settlement, both the pending appeal by CompactGTL on validity of some of the claims and an enquiry by the UK High Court into damages will be discontinued.






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