{"id":692221,"date":"2022-10-05T06:09:15","date_gmt":"2022-10-05T10:09:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/"},"modified":"2022-10-05T06:09:15","modified_gmt":"2022-10-05T10:09:15","slug":"us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/","title":{"rendered":"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p>THE WOODLANDS, Texas, Oct.  05, 2022  (GLOBE NEWSWIRE) &#8212; US Synthetic Corporation, a subsidiary of ChampionX Corporation (\u201cChampionX\u201d or the \u201cCompany\u201d) (Nasdaq: CHX), announced today that it is considering options, including a possible appeal, in response to a U.S. International Trade Commission (ITC) Final Determination that the claims of U.S. Patent No. 10,507,565 (\u201cthe \u2019565 patent\u201d), U.S. Patent No. 10,508,502 (\u201cthe \u2019502 patent\u201d), and U.S. Patent No. 8,616,306 (\u201cthe \u2019306 patent\u201d) \u201care directed to an abstract idea, and, thus, are patent ineligible\u201d. The company believes that this determination is based on an inaccurate interpretation of intellectual property law.\u00a0 In addition, this is the only case of which we are aware holding that the claimed properties of a manmade material are patent ineligible as being an \u201cabstract idea\u201d.\u00a0 Accordingly, while US Synthetic expects limited impact on its commercial operations or financial results as a result of yesterday\u2019s decision, we believe this ITC Determination is unprecedented and improper according to current Federal Circuit case law and intellectual property statutes. US Synthetic business results are reported under the Drilling Technologies segment of ChampionX. US Synthetic estimates the potential annual impact to its revenues from this ruling to be less than 3% of Drilling Technologies revenues.<\/p>\n<p>US Synthetic owns more than 450 issued United States Patents, including the \u2019565 patent; the \u2019502 patent, and the \u2019306 patent, which cover certain polycrystalline diamond materials and compacts.\u00a0 Such polycrystalline diamond materials and compacts are commonly used in energy exploration and production.\u00a0 US Synthetic\u2019s patent rights preclude unlicensed third parties \u2013 including competitors, suppliers, and others from making, using, selling, importing, or engaging in development activities, such as prototype creation, testing, marketing and qualifying, that fall within the claims of any valid enforceable patent during its lifetime.<\/p>\n<p>\u201cWe disagree with this decision and continue to believe in the strength of our intellectual property and the merits of our case against foreign competitors who are disregarding valid U.S. patents,\u201d said Rob Galloway, president, US Synthetic Corp. \u201cWe intend to evaluate our options to challenge this decision. Regardless of this ruling, US Synthetic is the technology leader in polycrystalline diamond technology and products, and we believe the value we drive for our customers is a key differentiator for us in the marketplace. Our priority is to defend our innovations against infringement \u2013 particularly foreign products \u2013 for the benefit of our customers and shareholders.\u201d<\/p>\n<p>US Synthetic, which is the Drilling Technologies segment of ChampionX, offers innovative, top-quality polycrystalline diamond cutter (\u201cPDC\u201d) inserts, bearings, valves, and mining tools to help customers drill the world\u2019s most demanding oil exploration and development projects, and for use in other industries. These highly specialized products are developed and produced based on more than 40 years of innovation and intellectual property development in material science applications.<\/p>\n<p>\n        <strong>About ChampionX<\/strong><br \/>\n        <br \/>ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX&#8217;s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=XuoymuNF93MITA6o39fR7pv8QfNjpUuxrPd55dBOzXF1WmkL-OkKXdeEIZJaLEmsjtyXUYMsgWy2E567x830sA==\" rel=\"nofollow noopener\" target=\"_blank\">www.championX.com<\/a>.<\/p>\n<p>Investor Contact:<br \/>Byron Pope \u2013 byron.pope@championx.com \u2013 281-602-0094<\/p>\n<p>Media Contact:<br \/>John Breed \u2013 john.breed@championx.com \u2013 281-403-5751<\/p>\n<p>\u00a0<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1OTE5MyM1MTg4MTgxIzIxMDAxMTE=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YTA0OTgzMTQtYzQzYy00MGI2LWFmYjMtMWVhZjE5MzBkMDhlLTExMTE2ODI=\/tiny\/ChampionX-Corporation.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>THE WOODLANDS, Texas, Oct. 05, 2022 (GLOBE NEWSWIRE) &#8212; US Synthetic Corporation, a subsidiary of ChampionX Corporation (\u201cChampionX\u201d or the \u201cCompany\u201d) (Nasdaq: CHX), announced today that it is considering options, including a possible appeal, in response to a U.S. International Trade Commission (ITC) Final Determination that the claims of U.S. Patent No. 10,507,565 (\u201cthe \u2019565 patent\u201d), U.S. Patent No. 10,508,502 (\u201cthe \u2019502 patent\u201d), and U.S. Patent No. 8,616,306 (\u201cthe \u2019306 patent\u201d) \u201care directed to an abstract idea, and, thus, are patent ineligible\u201d. The company believes that this determination is based on an inaccurate interpretation of intellectual property law.\u00a0 In addition, this is the only case of which we are aware holding that the claimed properties of a manmade material are &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-692221","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"THE WOODLANDS, Texas, Oct. 05, 2022 (GLOBE NEWSWIRE) &#8212; US Synthetic Corporation, a subsidiary of ChampionX Corporation (\u201cChampionX\u201d or the \u201cCompany\u201d) (Nasdaq: CHX), announced today that it is considering options, including a possible appeal, in response to a U.S. International Trade Commission (ITC) Final Determination that the claims of U.S. Patent No. 10,507,565 (\u201cthe \u2019565 patent\u201d), U.S. Patent No. 10,508,502 (\u201cthe \u2019502 patent\u201d), and U.S. Patent No. 8,616,306 (\u201cthe \u2019306 patent\u201d) \u201care directed to an abstract idea, and, thus, are patent ineligible\u201d. The company believes that this determination is based on an inaccurate interpretation of intellectual property law.\u00a0 In addition, this is the only case of which we are aware holding that the claimed properties of a manmade material are &hellip; Continue reading &quot;US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-05T10:09:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1OTE5MyM1MTg4MTgxIzIxMDAxMTE=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results\",\"datePublished\":\"2022-10-05T10:09:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\\\/\"},\"wordCount\":561,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODY1OTE5MyM1MTg4MTgxIzIxMDAxMTE=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\\\/\",\"name\":\"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results - 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The company believes that this determination is based on an inaccurate interpretation of intellectual property law.\u00a0 In addition, this is the only case of which we are aware holding that the claimed properties of a manmade material are &hellip; Continue reading \"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2022-10-05T10:09:15+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1OTE5MyM1MTg4MTgxIzIxMDAxMTE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results","datePublished":"2022-10-05T10:09:15+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/"},"wordCount":561,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1OTE5MyM1MTg4MTgxIzIxMDAxMTE=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/us-synthetic-considering-challenge-to-patent-ruling-but-expects-it-to-have-limited-impact-on-financial-results\/","name":"US Synthetic Considering Challenge to Patent Ruling but Expects it to Have Limited Impact on Financial Results - 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