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VALENCE TECH INC Message Board

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    • From the 10Q:

      Revenue from Smith was zero in the three month period ended December 31, 2011 compared to $6.5 million in the three month period ended December 31, 2010.

      ===============

      noway scores!

    • From the 10Q:

      On January 31, 2007, the Company filed a claim against Phostech Lithium Inc. in the Federal Court in Canada (Valence Technology, Inc. v. Phostech Lithium Inc. Court File No. T-219-07) alleging infringement of Valence Canadian Patent 2,395,115 (‘115 Patent). Subsequently, on April 2, 2007, the Company filed an amended claim alleging additional infringement of the Company’s Canadian Patents 2,483,918 (‘918 Patent) and 2,466,366 (‘366 Patent). The trial took place in September 2010 and ended on October 1, 2010. On February 17, 2011, the Canadian Court ruled in the Company’s favor, finding that Phostech infringed Valence’s ‘115 Patent. The ‘918 Patent was held invalid. The ‘366 Patent was not held invalid, but no decision was rendered with respect to the infringement of the ‘366 Patent. An immediate injunction was imposed by the Trial Court on Phostech. Phostech twice appealed the imposition of the injunction and on the second appeal, the injunction was stayed by the Appellate Court, provided an expedited appeal would be undertaken and a bond posted by Phostech. The Appeal was heard on June 6, 2011. The Appellate Court denied the Appeal and affirmed the Trial Court Decision. The affirmation of the Trial Court’s decision permits the Company to seek monetary damages, reasonable attorney fees, costs and reinstated the injunction to stop Phostech from manufacturing, using and selling phosphate cathode material that infringes the valid Valence Canadian Patent 2,395,115. On October 7, 2011, the Company received a payment from Phostech of $532,388 for attorney's fees incurred by the Company during the litigation with Phostech, as determined by the Trial Court order dated September 7, 2011. This payment is reflected as a reduction of general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss during the nine month period ended December 31, 2011. During the three month period ended December 31, 2011, the Company received an additional $251,709 from Phostech as a partial payment of damages, and the determination of additional damages is continuing. This payment was reflected in interest and other income in the condensed consolidated statement of operations and comprehensive loss during the three and nine month periods ended December 31, 2011.

      • 2 Replies to spook2b
      • Check prior messages for a summary of Phostech payments in early 2012.

        Clip:
        On October 7, 2011, the Company received a payment from Phostech of $532,388 for attorney's fees incurred by the Company during the litigation with Phostech, as determined by the Trial Court order dated September 7, 2011. This payment is reflected as a reduction of general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss during the nine month period ended December 31, 2011. During the three month period ended December 31, 2011, the Company received an additional $251,709 from Phostech as a partial payment of damages, and the determination of additional damages is continuing.

      • thanks.

        let's see how the stock reacts now.

    • Looks like there weren't any last Q.

 
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