OOIL: Settlement of patent dispute and continuation of commercial relationship with MBD.
By Ian Gilson, CFA
In September 2012 OriginOil (OTC Markets:OOIL) had filed a complaint in the US District Court, Central District of California against MBD Energy Limited. OriginOil's algae harvesting technology was first used in a pilot plant by MBD Energy of Australia and Melbourne, Australia based Frontline Engineering is the Certified Support Partner. OriginOil has filed 29 patent applications in various countries and had been granted an Australian patent. Subsequent to the pilot plant work in Australia MBD had filed a patent application that included intellectual property owned by OriginOil.
In October the senior management of MBD visited Los Angeles to discuss the problem and agreed to settle the litigation by withdrawing the patent application, assurances of future non-infringement and continuation of the commercial relationship between the two companies.
In return OriginOil has dropped the complaint.
For additional research on small-cap stocks, please visit scr.zacks.com.
To become a subscriber to Zacks SCR and receive SCR blogs and research reports emailed directly to your inbox, please visit our Subscribe page.
More From Zacks.com