Jiang Diamond Co., Ltd. (000852) announced today that the company v. Tianjin Lilin Drill Co., Ltd. and Xingfafen infringed the trade secret dispute case and reached a settlement recently.
According to the mediation agreement, Tianjin Lilin ceased production and sales of bimetallic sealed drill products from the date of signing the mediation agreement. The finished drill bits that have been produced are sold by Tianjin Lilin. The sales period is half a year, and the drill products that have not been sold after half a year are sold. Tianjin Lilin shall destroy it and the production equipment may continue to be used by itself, but it cannot be transferred or leased to any third party. Tianjin Lilin paid the company's drill product sales compensation of 7 million yuan and voluntarily compensated the company 10 million yuan within 10 days from the date of signing the mediation agreement. Jiang Diamond Co., Ltd. has received compensation of 17 million yuan recently, and this compensation will increase the 2009 non-operating income.
In addition, the company's board of directors has invested about 50 million yuan to establish a joint venture proposal with Texas Union Petroleum Machinery Co., Ltd., which accounts for approximately 51% of the total share capital of the joint venture company. At the same time, the company disclosed the third quarterly report. From July to September 2009, it realized total operating income of about 263 million yuan, a decrease of 25% year-on-year; the net profit attributable to shareholders of listed companies was about 28.93 million yuan, a year-on-year decrease of 16%.
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