Nine Energy Service, Inc. Statement on U.S. District Court Decision
January 24 2022 - 5:00PM
Business Wire
Nine Energy Service, Inc. (NYSE: NINE) (“Nine” or the “Company”)
announced today that a jury in the Western District of Texas, Waco
Division (the “Court”) reached a verdict on January 21, 2022 in the
patent litigation regarding the Company’s BreakThru™ Casing
Flotation Device and its alleged infringement of a patent held by
NCS Multistage Holdings, Inc. (“NCS”). The jury found that Nine
infringed on NCS’s patent and awarded NCS damages in the amount of
less than $500,000.
The Company strongly disputes the merits of NCS’s case, believes
that NCS’s patent is invalid and not infringed, and as such,
intends to appeal the Court’s decision. Nine acquired Frac Tech and
the Breakthru™ Casing Flotation Device technology in November
2018.
“We intend to vigorously pursue overturning this decision in the
appellate court where it will be reviewed by subject-matter
experts,” said Ann Fox, Nine’s President and Chief Executive
Officer. “Technology is a crucial part of Nine’s strategy, and we
will continue to protect and defend our products from these
claims.”
About Nine Energy Service
Nine Energy Service is an oilfield services company that offers
completion solutions within North America and abroad. The Company
brings years of experience with a deep commitment to serving
clients with smarter, customized solutions and world-class
resources that drive efficiencies. Serving the global oil and gas
industry, Nine continues to differentiate itself through superior
service quality, wellsite execution and cutting-edge technology.
Nine is headquartered in Houston, Texas with operating facilities
in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken,
Marcellus, Utica and Canada.
For more information on the Company, please visit Nine’s website
at nineenergyservice.com.
Forward Looking Statements
The foregoing contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are those that do not state historical facts and are,
therefore, inherently subject to risks and uncertainties.
Forward-looking statements also include statements that refer to or
are based on projections, uncertain events or assumptions. The
forward-looking statements included herein, such as those regarding
the Company’s plan to appeal the Court’s decision, are based on
current expectations and entail various risks and uncertainties
that could cause actual results to differ materially from those
forward-looking statements. Such risks and uncertainties include,
among other things, the Company’s ability to manage capital
expenditures; the adequacy of the Company’s capital resources and
liquidity; and other factors described in the “Risk Factors” and
“Business” sections of the Company’s most recently filed Annual
Report on Form 10-K and subsequently filed Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Readers are cautioned
not to place undue reliance on forward-looking statements, which
speak only as of the date hereof, and, except as required by law,
the Company undertakes no obligation to update those statements or
to publicly announce the results of any revisions to any of those
statements to reflect future events or developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20220124005797/en/
Nine Energy Service Investor Contact: Heather Schmidt
Vice President, Strategic Development, Investor Relations and
Marketing (281) 730-5113 investors@nineenergyservice.com
Nine Energy Service (NYSE:NINE)
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