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St. Louis, Missouri
December 4, 2002
Monsanto Company (NYSE:
MON) ("Monsanto") announced today that it has dismissed its
lawsuit against Chemical
Products Technologies ("CPT") and the three other defendants
(Zetachem USA, Inc., Zetachem PTY, and the Hide Group, LLC).
CPT announced that it has dismissed its lawsuit against Monsanto
without any compensatory payment from Monsanto for its damage
claims.
CPT has recognized Monsanto's right to be compensated for
certain of its glyphosate regulatory data and its proprietary
rights regarding the manufacture and use of glyphosate,
including the use of glyphosate over Roundup Ready(R) crops.
Agreement was also reached on the amount to be paid to Monsanto
for reliance on Monsanto's registration data and Monsanto's
agreement not to assert its proprietary rights relating to the
manufacture, sale or use in the United States of the existing
formulations of ClearOut products, including their use over
currently approved Roundup Ready crops.
CPT and Monsanto also agreed to dismiss their claims against
each other relating to prior advertising of their respective
glyphosate products.
Rick Gaudet, Monsanto's Global Ag-Chem Lead stated, "We had a
number of outstanding issues with CPT regarding our intellectual
property, products and practices relating to our glyphosate
products. We are pleased to have reached a mutually satisfactory
resolution of those issues which recognizes, and is consistent
with, our substantial proprietary rights relating to the
manufacture of glyphosate and the use of glyphosate products
over Roundup Ready crops."
John Olsen, CPT's General Manager, stated, "We are pleased to
resolve all of our outstanding issues with Monsanto and to have
obtained an agreement which will allow our existing ClearOut
products to be sold and used for labeled uses, including uses in
conjunction with existing Roundup Ready crops, without legal
challenge under Monsanto's proprietary estate. We are now free
to focus on our ongoing commercial initiatives."
The specific terms of the settlement are confidential.
Roundup Ready(R) is a
registered trademark of Monsanto Technology LLC. ClearOut(TM)
?is a trademark of Chemical Products Technologies, LLC.
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