HeiQ Plc (LSE: HEIQ), an IP creator and established global brand in materials and textile innovation which operates in high-growth markets, announces that HeiQ Materials AG, Switzerland, a 100% subsidiary of HeiQ Plc has filed a complaint in the United States District Court for the Western District Of North Carolina, Charlotte Division, against ICP Industrial Inc, a division of ICP Group (“ICP”), for breaching its Exclusive Agreement terms.

The Company intends to enforce the parties’ Exclusive Agreement in full.

As previously announced on 19 March 2021, ICP signed an Exclusive Licence and Chemicals Supply Agreement (“the Exclusive Agreement”) to apply HeiQ Viroblock for printing processes such as commercial print, food, beverage and pharma packaging, in return for royalty payments to HeiQ. ICP has breached the Exclusive Agreement by failing to pay royalties or minimum exclusivity fee payments and failing to provide timely and accurate royalty reports. Contractual minimum exclusivity fees for the contract term amount to USD $30 million in total.

HeiQ seeks an order that would require the defendant to comply with its long-standing contractual obligations to HeiQ and given the exclusive terms is asking for treble damages under North Carolina law.

HeiQ co-founder and CEO Carlo Centonze said:

“It is unfortunate that we must take this action against ICP to enforce our agreement, but we cannot allow ICP to use our valuable intellectual property without honouring the terms to which they have agreed. We intend to enforce it in full. Despite this claim, our Hygiene Technology’s Coatings & Polymers business unit continues to progress well. HeiQ recently entered into an agreement with Touchguard International Ltd to acquire a patent portfolio, which covers the use of antimicrobial overprint varnishes, for a consideration of £1 million, providing HeiQ and its licensees with exclusive rights to use antimicrobials in overprint varnishes in the UK and Europe. This enables HeiQ to become the leading player in the European antimicrobial print market and provides substantial growth opportunities.”

Below is an interview with HeiQ’s CEO & FD, who provide the highlights from the year end results, announced earlier in 2022

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