Friday 13th July 2018
|Text too small?|
Future Mobility Solutions said it won a High Court copyright infringement suit against rival boatbuilders that had used technology from its Sealegs amphibious boats.
The Auckland-based company said the High Court granted Sealegs International a permanent injunction against Orion Marine, Smuggler Marine, Darren Leybourne, Yun Zhang and David Pringle.
It first sought an injunction in September 2016 against the rival companies and some ex-Sealegs employees. At the time, Smuggler was advertising its Strata 770 as being "teamed up with Sealegs technology" but pictures of the vessel on its website, which Sealegs said was a copy of its technology, were subsequently taken down. Sealegs's amphibious boat technology was previously licensed by Smuggler.
"The court has granted Sealegs a permanent injunction against the defendants and has determined that costs and damages are also due," said Future Mobility chief executive Mark Broadley. "A further hearing will be heard in this respect."
In November 2017, Future Mobility posted a first-half loss of $514,000 which it largely attributed to its litigation costs of $669,000 for its Sealegs International subsidiary. The listed company changed its name from Sealegs at the start of last year, after signalling plans to expand into new markets such as drones and sea structures.
Shares in Sealegs last traded at 13 cents and have fallen 13 percent in the past 12 months while the S&P/NZX 50 Index gained 18 percent.
No comments yet
Property for Industry bond to pay 4.25%
Overseas investor rules cool house price expectations - Colliers
Annual migration slows as departures increase; tourism hits record
Boost to listed property sector likely if building depreciation regime is reinstated
Warehouse earnings fall 13% in year of 'significant change'
Second CBL subsidiary sold
Auckland Airport plans to raise up to $175M in bond sale
Michael Hill names new CEO; Taylor departing due to ill-health
NZ dollar rises on outlook for economy, increased risk sentiment
September 21st Morning Report