Licence and Patent

RNS Number : 6770F
Oxonica plc
13 October 2008

13 October 2008

Oxonica plc

Third statement regarding Licence and Patent Dispute with Neuftec Limited

Oxonica plc ("Oxonica") a leading international nanomaterials group, today issues the following statement in connection with the licence
and patent dispute between its wholly owned subsidiary Oxonica Energy Limited ("Energy") and Neuftec Limited ("Neuftec"), a company
registered in the Commonwealth of Dominica.

On September 1st 2008 Oxonica issued a statement that the case regarding the interpretation of the wording of the licence agreement and
whether royalties are due on Envirox* sales up to the date the licence agreement was terminated had been heard in the High Court, and in the
judgment handed down it had been found that royalties are payable to Neuftec on Envirox* under the licence agreement when it was in force.

A further hearing was held on 10 October 2008 regarding the royalties payable, the payment of costs and permission to appeal. At the
hearing Energy requested permission to appeal and this has been granted. Energy has been advised by its legal advisors that it has good
grounds for its appeal.

Costs were awarded to Neuftec and Neuftec applied for an interim payment of costs of �54k, which was refused by the Court. The costs
(including interest) will be subject to a detailed assessment over the coming months. A provision of �550k for the estimated costs was made
in the interim results of the Group for the period ended 30 June 2008. In addition, the royalties due will be payable within the next seven
days and Energy has previously provided for �408k based on its estimate of the Envirox* royalties payable on sales up to the date the
licence agreement was terminated. Neuftec is entitled to verify the royalties paid by means of an accountant inspecting the royalty records.
All monies payable to Neuftec have been ordered to be paid into a joint bank account in the names of both parties' solicitors pending the
outcome of the appeal. Accordingly, Energy will pay the royalty component of approximately �400k into the joint account within the next
seven days. The amount will then be subject to a verification process by Neuftec.

Oxonica had cash balances of �3.6 million as at 10 October 2008.

For further information, please contact:

Oxonica plc 01865 856 700
Kevin Matthews, Chief Executive
Richard Clarke, Finance Director

The Broadcast PR Business 0207 7469 4036
Matthew Locke

Notes to Editors

About Oxonica plc - www.oxonica.com

Oxonica (AIM: OXN.L) is one of the leading international nanomaterials groups with products already launched into international markets
and is listed in London on the AIM market. It was spun-out from Oxford University in 1999. Oxonica's mission is to focus on the development
of innovative commercial solutions for international markets using its expertise in the design and application of nanomaterials. It owns a
portfolio of demand driven products that offer substantial benefits to the target markets of energy, materials, security and diagnostics.

The Group currently has four operating businesses: Oxonica Energy, Oxonica Materials, Oxonica Security and Oxonica Diagnostics. Oxonica
has already launched products into international markets. Lead products include:
* Envirox* fuel combustion catalyst - a catalyst improving fuel economy and reducing emissions
* Optisol* UV absorber - a revolutionary photostable UV protection system designed to optimise the performance of quality sunscreens
and anti-premature aging products

Oxonica is also active in searching for the next generation of products and is already engaged in developing transformational detection
technologies which will enable a new generation of ultrasensitive multiplex diagnostic tools for the clinical diagnostic life science and
security markets. In addition, Oxonica is developing other UV absorber technologies into polymer systems and coatings, based on similar
technologies to that used in Optisol*.

This information is provided by RNS
The company news service from the London Stock Exchange

END

STREANEDFEDPFEE

Oxonica (LSE:OXN)
過去株価チャート
から 5 2024 まで 6 2024