Awarded $8.5M Judgment Against Former Licensee
Colorado, Mar 7, 2012 AEST (ABN Newswire) - XY LLC (formerly XY Inc.), an innovative leader in the livestock reproduction industry and primary promoter for commercialization of sperm sexing technology in animals, was just awarded an US$8.5 million dollar judgment against one of its former licensees, JingJing Genetics Inc. of Canada and JingJing's principals Jesse Jia-Bei Zhu, Selen Cui Feng Zhou and Jin Tang.
As a licensee, JingJing Genetics Inc. (formerly IND Lifetech Inc.) was granted the right to use XY's sperm sorting technology to manufacture and sell bovine sexed semen and sexed embryos, while maintaining strict control over XY confidential information. Following a long trial (XY LLC v. International Newtech Development, case no. S076862), the British Columbia Supreme Court found that JingJing violated its contract obligations by multiple breaches of the license agreement and found JingJing's principals liable for civil fraud and conspiracy to cause economic injury. The Court awarded XY $8.5 million dollars in damages, additional special costs, and a permanent injunction against JingJing and its principals to cease using any of XY's proprietary research and technology, including but not limited to XY's information and techniques relating to the production and use of cattle embryos made from sexed semen. XY was represented by Chris Wilson and Geoff Bowman of Bull Housser based in Vancouver, Canada.
XY has made its mark in the reproductive world by commercializing efficient methods and equipment for sorting sperm into X- (female) and Y- (male) chromosome bearing cell populations. XY's sperm sorting technology has transformed the world of beef and dairy cattle with efficient gender-selective breeding. The technology has been used successfully in numerous species with over 90% purity. XY licenses out its sperm sorting technology to breeders worldwide, with major markets in North and South America, Europe, Asia, Australia, and New Zealand.
The information in this press release is historical in nature and is current only to the date indicated in the press release. To the extent permitted by law, XY LLC and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
Contact
Sheau Min See
Director of Licensing, XY LLC
1108 North Lamay, Fort Collins
Colorado 80524
T: +970-493-3113
E: info@xy-llc.com
http://www.xyinc.com
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