Hiawatha, July 11, 2018 (GLOBE NEWSWIRE) — AgJunction Inc. (TSX: AJX), a leader in advanced guidance and autosteering, announced today that it has settled a patent infringement lawsuit it filed against Raven Industries, Inc. (“Raven”) in January of this year. The suit alleged Raven products violated three AgJunction patents related to automated mechanical steering, implement steering and system calibration technologies.
Raven and AgJunction announce that they have reached a mutually agreeable no-fault business solution, whereby Raven is granted a nonexclusive license to a significant portion of AgJunction’s extensive patent portfolio, and the litigation is resolved. Under the agreement, both companies will continue to pursue their varied commercial interests.
“We are very pleased to announce this agreement with Raven to license certain of our technology; commercialization of our patent portfolio is a vital component of our corporate strategy and central to the success of our business and that of our partners,” said Bob Barjesteh, vice president of intellectual property and general counsel for AgJunction. “Licensing these patents to Raven substantiates the strength of our industry-leading intellectual property portfolio.”
AgJunction Inc. is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world’s leading precision Ag manufacturers and solution providers and it holds over 130 fundamental steering and machine control patents. AgJunction markets its solutions under leading brand names including Novariant, Outback Guidance® and Satloc® and is committed to advance its vision by bringing affordable hands-free farming to every farm, regardless of terrain or size. AgJunction is headquartered in Hiawatha, Kansas, with facilities in Silicon Valley, Arizona, Canada, and Australia, and is listed on the Toronto Stock Exchange (TSX) under the symbol “AJX.” For more information, please go to www.agjunction.com
Reader Advisory and Note Regarding Forward Looking Information
This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words “expect,” “anticipate,” “may,” “will,” “should,” “believe,” “intends” and similar expressions are intended to identify forward-looking information. In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time. Readers should not place undue reliance on such forward-looking information contained in this press release since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security which may be referenced herein.
CONTACT: Lisa Shields AgJunction 480-399-0989 Lshields@agjunction.com Cody Slach Liolios Investor Relations 785-742-2976 AJX@liolios.com