Final Terms Dependent on Resolution of Federal Circuit Appeal of Infringement Action
ROUND ROCK, TX--(Marketwired - Apr 7, 2015) - ClearCorrect announced today that the Company and Align Technology, Inc. ("Align") have agreed to resolve the pending Remanded Enforcement Proceeding (Inv. No. 337-TA-562 or the "'562") before the International Trade Commission (ITC). The parties to this agreement (the "Termination Agreement") are Align, ClearCorrect US, ClearCorrect Pakistan (Private), Ltd., Mudassar Rathore; Waqas Wahab; Asim Waheed; and Nadeem Arif (collectively, "the Parties"). The resolution will be dependent on the outcome of the pending appeal before the Federal Circuit in the Infringement Action (Inv. No. 337-TA-833 or the "'833").
The Termination Agreement includes the following terms:
The resolution allows the Parties to avoid the cost of the Remanded Enforcement Action hearing and potential further proceedings, to avoid the uncertainty of the outcome of the Remanded Enforcement Action and to agree, in advance, to a resolution of the Remanded Enforcement Action contingent on the outcome of the Infringement Action appellate proceedings, given that many issues raised in the Remanded Enforcement Action will ultimately be resolved as part of the appellate process in the Infringement Action. The Parties expect the Federal Circuit oral argument in the Infringement Action to take place in July 2015, with a decision by the Federal Circuit six to nine months later. The resolution of the Remanded Enforcement Action does not impact the positions taken by the parties and the decisions already issued and on appeal in Infringement Action or the stayed patent infringement action in federal district court in Houston.
About ClearCorrect, LLC
ClearCorrect works with more than 15,000 doctors, making it a leading manufacturer of clear aligners. The company manufactures its aligners out of its facility in Round Rock, Texas. ClearCorrect offers a more affordable and doctor-friendly approach, including a phase-based system to enhance flexibility and control for doctors. For more information, visit www.clearcorrect.com or call (888) 331-3323.