Gevo Believes Butamax's Newly Issued Patent is Invalid and Not
ENGLEWOOD, Colo., Aug 11, 2011 (BUSINESS WIRE) --
Gevo, Inc. (NASDAQ: GEVO), a renewable chemicals and advanced biofuels company, believes that the patent infringement suit that Butamax(TM) Advanced Biofuels, LLC filed on August 9, 2011 in U.S. District Court in the District of Delaware is without merit. Gevo will continue to aggressively defend its freedom to operate. The new lawsuit asserts infringement of Butamax's newly issued U.S. Patent No. 7,993,889, which stems from the same application as the patent that Butamax asserted in a pending lawsuit, filed on January 14, 2011. The new suit will be consolidated with the existing case.
Pat Gruber, CEO of Gevo states: "We are the leaders in the technology and commercialization of low-cost isobutanol. Unfortunately, lawsuits like this are typical disputes that leaders face. We will vigorously challenge these patents and Butamax's infringement allegations. We believe that these disputes will eventually reveal the superiority of Gevo's innovations in this field. We will continue to lead, keeping the focus on the production of low-cost isobutanol, deploying our technology, and securing additional off-take agreements."
Gevo is converting existing ethanol plants into biorefineries to make renewable building block products for the chemical and fuel industries. The Company plans to convert renewable raw materials into isobutanol and renewable hydrocarbons that can be directly integrated on a "drop in" basis into existing chemical and fuel products to deliver environmental and economic benefits. Gevo is committed to a sustainable biobased economy that meets society's needs for plentiful food and clean air and water. For more information, visit http://www.gevo.com.
Certain statements within this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including but not limited to: litigation, the strength of the Company's intellectual property position and future issuance of Company patents and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of our management and are subject to significant risks and uncertainty. All such forward-looking statements speak only as of the date they are made, and the Company assumes 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 discussion of the 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 the Company in general, see the risk disclosures in Gevo's Annual Report on Form 10-K for the year ended December 31, 2010, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by the Company.
SOURCE: Gevo, Inc.
Erin Howard, 212-931-6174
Stern Investor Relations
Julia Avery, 212-362-1200