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Microcap & Penny Stocks : AgJunction Inc. - HW/SW for Precision Agriculture
AJX.TO 0.530-1.9%Jan 26 4:00 PM EST

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From: Sultan11/18/2020 12:46:12 AM
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AgJunction Files Patent Infringement and Breach of Contract Lawsuit Against Ag Leader Technology

Tue, November 17, 2020, 1:05 PM PST

SCOTTSDALE, Ariz., Nov. 17, 2020 (GLOBE NEWSWIRE) -- AgJunction Inc. (TSX: AJX), ("AgJunction" or the "Company"), has filed a patent infringement and breach of contract lawsuit in the U.S. District Court for the District of Arizona against Ag Leader Technology, Inc. (“Ag Leader”). The lawsuit alleges that Ag Leader products violate three of AgJunction’s patents related to automated machine control. The lawsuit further alleges that Ag Leader has breached the supply agreement between the companies.

"AgJunction holds a comprehensive steering and machine control IP portfolio which has been tested and enforced in multiple actions," said Bob Barjesteh, Executive Vice President and General Counsel of AgJunction. "These assets are vital to hands-free steering and autonomous functions and are critical components of our corporate strategy. After unsuccessful efforts over these last several months to negotiate a new supply agreement and resolve these alleged infringement issues out-of-court, we are left with no choice but to file this lawsuit against Ag Leader."

The lawsuit seeks monetary damages and an injunction to prevent Ag Leader from selling in the U.S. any products infringing AgJunction’s patented technology. Specifically named in the lawsuit are Ag Leader’s recently launched SteerCommand Z2 and SteadySteer systems.

AgJunction is committed to bringing new technologies and products to the market, along with protecting its products and partners by continuing to enforce its rights against unlicensed use.

finance.yahoo.com
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