21 Nov 2011 08:42
Amphion Subsidiary Files Additional Patent Infringement Suits
For Its Object-Oriented Software/ Relational Database Patent
New Debt Facility
London and New York 21 November 2011 - Amphion Innovations plc (LSE: AMP) announces that DataTern, Inc., owner of U.S. Patent No. 6,101,502 ("the '502 patent") has filed patent infringement cases against a number of companies in the United States District Court for the District of Massachusetts, asserting infringement of the '502 patent. The '502 patent is directed to novel and groundbreaking methods and systems for facilitating interaction between object-oriented software programmes and relational databases. As such, the patented technology has become fundamental to the development of numerous enterprise software applications, including business intelligence and data mining products.
According to DataTern's Chief Executive Officer, John Caruso, "numerous companies have recognized the importance of the patented technology to their software products and systems and have thus licensed the technology. We want to make sure to protect our licensees and the substantial investment made in the technology by stopping those who would use our patented technology without permission."
DataTern, a wholly-owned subsidiary of Amphion Innovations plc., fosters innovation by helping companies develop and commercialise promising technologies, including in the IT and healthcare sectors. DataTern is represented by McCarter & English LLP in Boston.
Amphion also today announces it has agreed additional unsecured loan financing of $500,000 from R. James Macaleer, Chairman of Amphion, who is also interested in 17.31% of the issued share capital of the Company. The loan is repayable on 15 February 2012 and carries an interest rate of 7% per annum.
Furthermore, as part of the new debt facility agreement, outstanding loans to Mr Macaleer as announced on 15 April 2011 and 9 December 2010 which became payable on 31 January 2012 for a total of $1 million have been extended until 31 December 2012 and a loan of $2 million dollars which became payable at 31 December 2012 has been extended to 31 December 2013. All loans will carry the interest rate of 7% per annum.
This transaction is deemed a related party transaction for the purposes of the AIM Rules. As a result, the Independent Directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
For further information please contact:
DataTern Inc.
John Caruso +1 212 210 6248
McCarter & English LLP
Lee Carl Bromberg +1 617 449 6538
Erik Paul Belt + 1 617 449 6506
Amphion Innovations plc
Charlie Morgan +1 212 210 6224
Cardew Group
Tim Robertson +44 20 7930 0777
Seymour Pierce Limited (Nominated Adviser)
Freddie Crossley/ Mark Percy +44 20 7149 6000
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in emerging companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has significant shareholding in 7 Partner Companies developing proven technologies targeting substantial commercial marketplaces. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
On the web: www.amphionplc.com
About McCarter & English, LLP
McCarter & English, LLP, established more than 160 years ago, represents Fortune 500 and middle-market companies in their national, regional and local litigation and on important transactions. Its 400 attorneys are based in offices in Boston, Hartford, New York, Newark, Philadelphia, Stamford, and Wilmington. www.mccarter.com