Symphony Plastic Technologies PLC
21 December 2004
21st December 2004
Symphony Plastic Technologies plc
Successful Court Judgement
Symphony Plastic Technologies plc ('Symphony'), the degradable plastics company,
announces that the judgement in the case brought by EPI Environmental Products
Inc ('EPI') against Symphony has now been handed down by the High Court in
London.
The most important claim by far, that Symphony copied EPI's technology, was
dismissed entirely, together with all but two of the other claims which were
made. This leaves Symphony free to continue to exploit its own technology
worldwide.
Of a total of eleven claims brought, two lesser claims were upheld, one relating
to the return of documents will result in only nominal damages of £2, and the
other, principally relating to the use of stock, remains to be assessed by the
Court. Symphony does not anticipate that this will result in a significant
amount becoming payable.
EPI was ordered to pay 85% of Symphony's cost on the standard basis.
Michael Laurier, Chief Executive, said:
'The very favourable conclusions of the Court mark a very welcome end to months
of uncertainty. We are grateful for the loyalty and support of our many friends,
customers and shareholders during this trying time. We are delighted with this
outcome and look forward with renewed enthusiasm to taking our business forward
in the light of this clear and positive verdict'
For further information:
Symphony Plastic Technologies plc
Michael Laurier, Chief Executive +44 (0) 20 8207 5900
Durlacher Limited
Matthew Robinson / Marcus Jackson +44 (0) 20 7459 3600
Citigate Dewe Rogerson
Patrick Toyne Sewell / Ged Brumby +44 (0) 20 7638 9571
Further information on Symphony Plastic Technologies plc
Symphony develops and supplies environmentally responsible plastic packaging
products, which are distributed primarily to the retail, local authority and
health related sectors. The Group's main technology, d2w(R), allows plastic to
degrade, leaving only water, a minimal amount of carbon dioxide and trace
amounts of non-toxic biomass over a short time period. The current d2w(R)
product range now includes additives, carrier bags, refuse and waste sacks,
mailing wrap, stretch film, aprons, dog waste sacks and packaging films.
Symphony has a strong blue-chip customer base in the UK and has successfully
established itself as an international business after signing contracts with
companies in Brazil, Canada & USA, New Zealand, South Africa, the Caribbean and
the Middle East. Further information on Symphony can be found at
www.degradable.net.
This information is provided by RNS
The company news service from the London Stock Exchange