Imdex will push ahead with a technology patent infringement claim against Boart Longyear in Canada after an Australian court ordered Boart to pay its rival circa-$8 million for breaching a drill core orientation patent in Australia.
ASX-listed Imdex launched its infringement action against a Boart subsidiary back in 2016.
Boart fought against an unfavourable ruling in 2018 and again in 2020. Australia’s Federal Court this week gave Boart a fortnight to pay.
Imdex is awaiting confirmation of another Federal Court patent infringement ruling in its favour. Boart is saying in its appeal that two of its drill-core orientation tools do not breach Imdex’s patent.
Meanwhile, Imdex expects Canada’s Federal Court to hear its case against Boart alleging similar infringement of an equivalent core orientation patent in September this year.
“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,” Imdex CEO Paul House said of this week’s Australian Federal Court outcome.
“We remain committed to progressing with the equivalent legal actions in both Australia and overseas.”
Imdex share price has risen more than 34% in the past month to A$2.15, capitalising the company at circa-$1.1 billion.
Boart was down marginally today at $2.95, giving the company a $873 million market value.
