THE WOODLANDS, Texas, Oct. 05, 2022 (GLOBE NEWSWIRE) — US Synthetic Corporation, a subsidiary of ChampionX Corporation (“ChampionX” or the “Company”) CHX, announced today that, in response to a final determination by the US International Trade Commission (ITC) that it was restoring the claims of US Patent No. 10,507,565 (“the ‘565 Patent”), US Patent No. 10,508,502, Considering options, including a possible appeal (“the ‘502 patent”) and U.S. Patent No. 8,616,306 (“the ‘306 patent”) “are directed at an abstract idea and are therefore not patentable”. The Company believes that this determination is based on an inaccurate interpretation of intellectual property law. Furthermore, this is the only case we are aware of where the claimed properties of an artificial material are not patentable as an “abstract idea”. Although US Synthetic expects only a limited impact on its operations or financial results as a result of yesterday’s decision, we believe this ITC decision is unprecedented and inadequate under current federal court decisions and intellectual property laws. US Synthetic’s results of operations are reported within ChampionX’s Drilling Technologies segment. US Synthetic estimates the potential annual revenue impact of this ruling at less than 3% of Drilling Technologies’ revenue.

US Synthetic has more than 450 issued US patents, including the ‘565 patent; the ‘502 patent and the ‘306 patent covering certain polycrystalline diamond materials and compacts. Such polycrystalline diamond materials and compacts are commonly used in energy exploration and production. US Synthetic’s patent rights prevent unlicensed third parties – including competitors, suppliers and others – from making, using, selling, importing or engaging in development activities such as prototyping, testing, marketing and qualification activities covered by the applicable claims to participate enforceable patent during its…