Announcement of Signing the Settlement Agreement and Hitachi’s Termination of the 337 Investigation

PostDate:2013-05-20 Hits:1830 NewsSources:

Announcement of Signing the Settlement Agreement and Hitachi’s Termination of the 337 Investigation       

1. Overview of the 337 Investigation
On September 18, 2012 United States time, the U.S. International Trade Commission (referred to as “ITC”) officially launched the 337 investigation (No. 337-TA-855) (the “337 Investigation”) on our company by request of Japan’s Hitachi Metals, Ltd. (“Hitachi Metals”) and its affiliate Hitachi Metals North Carolina, Ltd..

On September 25 2012, our company obtained joint legal counsel with Yantai Zhenghai Magnetic Material Co., Ltd. and Ningbo Jinji Strong Magnetic Material Co., Ltd. and started to defend the case pursuant to the ITC’s procedure. After more than eight months of defending the 337 Investigation, our company and HML entered into a settlement agreement dated as of May 14, 2013 (the “Agreement”).

2. Main Terms of the Agreement 
(1) Upon the signing of the Agreement, Hitachi Metals and our company shall file a joint motion with the ITC terminating the 337 Investigation against our company. 

(2) Hitachi has authorized our company to sell our company’s products in the authorized territories.
      
(3) During the effective term of the Agreement, our company will pay a lump sum and fees for the said authorization.


On May 17, 2013, both parties have jointly filed a motion with the ITC to terminate the 337 Investigation against our company.

After signing the Agreement, we will be able to sell our company’s products under Hitachi Metal’s patents to the authorized territories including the United States, which is beneficial to our company’s sustainable and healthy development.

Notice is hereby given.

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