Scottsdae, Ariz. — AgJunction, Inc. (TSX: AJX) and its wholly-owned subsidiary, Novariant, Inc. (together "AgJunction" or the "Company"), today announced a final settlement of the patent infringement lawsuit the Company filed against Kubota Corporation and several of its subsidiaries (“Kubota”) in August of 2019. The lawsuit alleged that Kubota products infringed three AgJunction patents related to automated machine control and implement steering.
With this settlement, AgJunction and Kubota reached a mutually agreeable business resolution that resulted in the dismissal of the lawsuit and all counterclaims. Under the terms of the settlement, AgJunction has granted Kubota a non-exclusive license in the U.S. and Canada to its extensive patent portfolio in exchange for undisclosed royalty payments from Kubota.
The parties also signed a memorandum of understanding to begin discussions about one or more definitive agreements relating to the development and/or supply by AgJunction of autosteer and autonomous solutions for Kubota’s products around the world. Specific terms of the settlement are confidential and have not been disclosed.
“We are very pleased to have been able to settle this matter, allowing AgJunction and Kubota to move forward with serious commercial discussions,” said Bob Barjesteh, executive vice president and General Counsel of AgJunction. “Licensing our portfolio to Kubota further validates the strength of our industry-leading patents, allowing us to continue providing unmatched protection to our partners and customers.”
Commenting on the final settlement, AgJunction president and CEO, M. Brett McMickell said, “We are happy about coming to a final settlement with Kubota. We see this as another step in leveraging our IP to expand the reach of our market leading automation solutions and doing so with a company like Kubota fits well with this strategy.”