ASX Announcement 31/05/21:
We are pleased to announce that the patent litigation between two of our subsidiaries, DownUnder GeoSolutions Pty Ltd, DownUnder GeoSolutions (Asia) Sdn Bhd (together, the “DUG Parties”), members and former members of the Polarcus group of companies, and PGS Australia Pty Ltd has been settled.
The settlement terms are confidential, but include a cash payment by the DUG Parties to PGS Australia Pty Ltd and the grant of a worldwide, royalty–free, non–exclusive licence by PGS Australia Pty Ltd to DUG and its subsidiaries of the patents in suit in the proceedings. The settlement has no material financial impact on DUG.
DUG’s Managing Director, Dr Matthew Lamont, said: “We are pleased to have settled this matter on acceptable terms allowing DUG to continue to focus on its innovative hardware and software solutions for the technology and resource sectors
