AgJunction Announces Agreement in Principle to Settle Litigation Against Ag Leader
SCOTTSDALE, Ariz., June 10, 2021 (GLOBE NEWSWIRE) -- AgJunction Inc. (TSX: AJX) and its wholly-owned subsidiary, Novariant, Inc. (together "AgJunction" or the "Company"), today announced that it has reached an agreement in principle to settle the patent infringement and breach of contract lawsuit it filed against Ag Leader Technology, Inc. in November of 2020.
The parties will work diligently to finalize a settlement agreement and related documents in the coming weeks. In the event they are not able to reach a final agreement, the parties will resume litigation in court.
In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the sufficiency of budgeted capital expenditures in carrying out planned activities; that AgJunction's future results of operations will be consistent with management expectations in relation thereto; availability of key supplies, components, services, networks and developments; the impact of increasing competition; conditions in general economic, agricultural and financial markets; demand for the Company's products; and the continuity of existing business relationships.
Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which AgJunction operates; competition; inability to introduce new technology and new products in a timely manner; legal claims for the infringement of intellectual property and other claims; negative conditions in general economic, agricultural and financial markets; and reduced demand for the Company's products. Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the Company's operations or financial results, are included in reports of AgJunction on file with applicable securities regulatory authorities, including but not limited to, AgJunction's Annual Information Form which may be accessed on its SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.