District Court Issues Final Judgment for Gevo
Court enters judgment that Gevo does not infringe
ENGLEWOOD, Colo. - April 11, 2013 - Gevo, Inc. (NASDAQ: GEVO) announced today that the United States District Court for the District of Delaware entered a final judgment in favor of Gevo and against Butamax Advanced Biofuels, LLC (Butamax), a 50/50 joint venture between DuPont and BP, ending the trial court proceedings on Butamax's Patent Nos. 7,851,188 ('188 Patent) and 7,993,889 ('889 Patent).
"We applaud the final judgment, which allows us to focus on being the leader in commercializing renewable isobutanol and maintaining our freedom to operate," said Brett Lund, Gevo's executive vice president and general counsel. "We feel vindicated that Butamax itself admitted that Gevo does not infringe when the Court's interpretation of the patent claims is applied."
In the final judgment, the Honorable Judge Sue L. Robinson held, "It is hereby ordered and adjudged this 10th day of April 2013 that final judgment be and hereby is entered in favor of Defendant Gevo, Inc. and against Plaintiff Butamax Advance Biofuels, LLC with respect to the claims relating to '188 and '889 Patents." The final judgment resulted from the Court's finding that certain claims of the '889 Patent were invalid, Butamax's admission that Gevo does not literally infringe under the Court's construction of the patent claims, and the Court's finding that Gevo does not infringe under the doctrine of equivalents.
"This is a huge victory for Gevo and our shareholders," noted Patrick Gruber, Ph.D., Gevo's chief executive officer. "I personally want to thank Brett, his team, and the Cooley team for all their hard work in proving that we utilize a proprietary technology. Defending our freedom to operate is critically important."
Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into bio-refineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits. Gevo started up its first commercial isobutanol facility in Luverne, Minn., and has a marquee list of partners including Coca-Cola, Sasol, and LANXESS, among others. Gevo is committed to a sustainable bio-based economy that meets society's needs for plentiful food and clean air and water. For more information, visit www.gevo.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as "intend," "expect," "plan," "estimate," "future," "strive" and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2012 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.
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