ContextVision AB: Sapheneia files for bankruptcy

Regulatory News:

ContextVision (OSE:COV):

Sapheneia Commercial Products AB, registration no: 556699-6319 filed for bankruptcy on August 28. Shortly before the company went into bankruptcy, it changed its company name to "Contact Imaging Sweden AB.”

It has been previously announced, that on July 12, the Stockholm District Court ruled that ContextVision is the real owner of a key patent application filed by Sapheneia in September 2006. The court also ruled that Sapheneia should pay the legal costs of ContextVision amounting to TSEK 2,940. The amount has not been paid, and instead, Sapheneia filed for bankruptcy. The administration of the company in bankruptcy has been taken over by a receiver.

Sapheneia appealed the court decision from July 12 and was given until September 6 to specify details of the appeal. The receiver has asked for an extension of this time limit, thus the case is not officially closed.

"We have realized that Sapheneia appears to be insolvent, but we regard the bankruptcy as a way to escape responsibility. The receiver is now investigating the situation to see what values remain in the company. After that we will know to what extent the legal costs due to ContextVision can be covered,” says Anita Tollstadius, CEO, ContextVision.

Background

In September 2006, SCP filed a patent application which identified two of ContextVision’s former employees as inventors.

In 2008 ContextVision initiated legal proceedings against SCP at the Stockholm District Court requesting a declaratory judgment to the effect that ContextVision is the owner of the patent application.

The legal costs of 2,940 TSEK have been expensed in ContextVisions’ current accounts, thus a default in payment will not affect the result for future periods.

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About ContextVision

ContextVision is a leading provider of image enhancement software to the global medical imaging industry since 1983, with the versatile GOP® technology at its core. We play a key role in helping manufacturers by offering clinicians unparalleled diagnostic image quality, ultimately providing patients with better care. ContextVision continues to offer the latest software and expertise within ultrasound, x-ray, magnetic resonance imaging, mammography, interventional radiology and computed tomography. Our groundbreaking technology and lengthy expertise have granted us a pioneer position within 2D/3D/4D image enhancement across multiple modalities. For more information, please visit www.contextvision.com.

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