May 07 2023
Update in indemnification process relating to US patent dispute
Following the settlement in the US patent dispute on 4 April, Vimian has initiated the process to retrieve compensation from the Sellers of Vimian’s subsidiary Veterinary Orthopedic Implants LLC (“VOI”) as per the indemnification in the purchase agreement from the acquisition of VOI. Vimian has received information that a complaint was filed against Vimian and three affiliates of Vimian in the Superior Court of the State of Delaware. Three of the main Sellers state in the complaint that they disagree with Vimian’s indemnification claim.
Vimian’s view remains unchanged that it, through the purchase agreement for the acquisition of VOI, has contractual indemnification protection for the amount of the settlement and all legal costs to date.