The patent lawsuit between Netac Technology and Watertek Co. Ltd. since May, 2012 has eventually made new progress. The two companies both announced on June 26 that they had received the firstinstance judgment by Nanning Intermediate People's Court.
The court ruled the defendants, Watertek Co. Ltd., Agricultural Bank of China and Agricultural Bank of China Beihai Branch to cease their patent infringement of the invention patent No.ZL99117225.6 owned by the plaintiff Netac Technology, and to pay Netac Technology 40 million RMB for economic loss.
Watertek immediately claimed to appeal after received the ruling. It also claimed that the ruling will not have severe impact on its daily operation and profit making at present or afterwards.