XP Power Ltd Re: Comet Legal Action - Judgement Released

 
TIDMXPP 
 
3 October 2022 
 
                               XP Power Limited 
 
                 ("XP Power" or "the Group" or the "Company") 
 
                  Re: Comet Legal Action - Judgement Released 
 
Further to its announcement of 24 March 2022, XP Power notes the judgment on 
Friday 30 September 2022 confirming the jury's decision to award to Comet 
Technologies USA Inc of $40 million of damages and imposing an injunction upon 
XP Power in relation to certain trade secrets. The Board is considering next 
steps, including potentially asking the Judge to review the level of damages 
and will update as soon as possible. 
 
As previously outlined, no current orders or revenue are based on this Radio 
Frequency technology and the damages were accounted for in our guidance at the 
recent August interim results. The Company will update on its third quarter 
financial performance on the 11 October 2022 but is pleased to confirm that 
trading in the period has improved from the first half run-rates. 
 
James Peters, Chair of XP Power, said: 
 
"We are disappointed by the judgment and will consider our next steps promptly. 
XP Power has a strong future, and while 2022 has been frustrating, the Board 
has not lost sight of the Group's longer term prospects." 
 
Enquiries: 
 
XP Power 
 
Gavin Griggs, Chief Executive Officer                                +44 (0)118 
984 5515 
 
Oskar Zahn, Chief Financial Officer                                   +44 (0) 
118 984 5515 
 
Citigate Dewe 
Rogerson 
 
Kevin Smith/Jos Bieneman                                                  +44 
(0)207 638 9571 
 
Note to editors 
 
XP Power designs and manufactures power controllers, the essential hardware 
component in every piece of electrical equipment that converts power from the 
electricity grid into the right form for equipment to function. 
 
XP Power has invested in research and development and its own manufacturing 
facilities in China and Vietnam, to develop a range of tailored products based 
on its own intellectual property that provide its customers with significantly 
improved functionality and efficiency. 
 
Headquartered in Singapore and listed on the Main Market of the London Stock 
Exchange since 2000. XP Power serves a global blue-chip customer base from 29 
locations in Europe, North America, and Asia. 
 
For further information, please visit xppower.com 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 03, 2022 02:00 ET (06:00 GMT)