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(Alliance News) - Nanoco Group PLC on Friday said it agreed a no-fault settlement with Samsung Electronics Co, with both parties requesting a stay of the trial to finalise a binding agreement.
Manchester, England-based Nanoco, a quantum dots manufacturer, initially launched a US patent infringment lawsuit against the South Korean-based electronics company in December, alongside lawsuits in Germany and China.
Nanoco claimed Samsung infringed on its unique synthesis and resin capabilities for quantum dots. Quantum dot technology is used on Samsung quantum light-emitting diode televisions.
A term sheet for a no-fault settlement was agreed on Friday between the two parties, with both parties jointly requesting a stay of the trial, scheduled to commence on Friday, to allow the terms of a binding agreement to be finalised.
Shares in Nanoco were up 41% to 60.00 pence each in London on Friday morning.
Both parties now have 30 days to agree on these terms.
Nanoco added it expects to issue a further update upon completion of the final binding agreement within the next 30 days.
Shares in Samsung closed up 1.4% to KRW59,000.00 in Busan, South Korea.
Samsung on Friday said it expected its fourth-quarter operating profits to plunge 69% to KR4.3 trillion, around USD3.4 billion, from KRW13.87 trillion a year earlier, as the global downturn causes a sharp decline in demand for memory chips and smartphones.
By Greg Rosenvinge, Alliance News reporter
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