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US Court of Appeals Rules in Favor of US Synthetic Corporation in ITC Case

1. ChampionX's patent claims on diamond cutters were upheld by the Federal Circuit. 2. The ruling invalidates the ITC's prior decision on the abstractness of the patent. 3. This decision enhances ChampionX's competitive edge in drilling technologies. 4. Superior magnetic properties of cutters improve drilling efficiency and performance. 5. The case reinforces ChampionX's innovation and protection of intellectual property.

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FAQ

Why Bullish?

The patent validation strengthens ChampionX's market position, reminiscent of previous patent successes boosting stock prices.

How important is it?

The ruling is pivotal for ChampionX's growth and innovation strategy, potentially impacting future earnings.

Why Long Term?

Sustained intellectual property protection can lead to prolonged competitive advantages and revenue growth.

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THE WOODLANDS, Texas, Feb. 17, 2025 (GLOBE NEWSWIRE) -- ChampionX Corporation (NASDAQ: CHX) (“ChampionX”) noted today that its US Synthetic Corp., a leading provider of polycrystalline diamond cutters for oil and gas drilling, has secured a significant legal victory as the U.S. Court of Appeals for the Federal Circuit (CAFC) reversing a prior International Trade Commission (ITC) determination that had deemed the company’s patent claims ineligible under 35 U.S.C. § 101. The case, involving U.S. Patent No. 10508502, pertains to a polycrystalline diamond compact (PDC) used in rotary drill bits, which exhibits superior diamond to diamond bonding. The ITC had initially ruled that the patent’s claims were directed to an abstract idea, arguing that the disclosed magnetic properties were merely side effects of the manufacturing process rather than physical characteristics of the compound. However, the Federal Circuit disagreed, finding that the claims described a specific composition of matter and not an abstract idea, reinforcing that the magnetic properties provide meaningful insights into the PDC’s physical characteristics. “We are extremely pleased with the Federal Circuit’s decision, which reaffirms the validity of our patent and the importance of our innovation,” said Rob Galloway, President at US Synthetic. “This ruling not only protects our intellectual property but also underscores the significance of our technology in advancing drilling performance and efficiency.” About US Synthetic US Synthetic, which is the Drilling Technologies segment of ChampionX, offers innovative, top-quality polycrystalline diamond cutters (“PDC”), bearings, valves, and mining tools to help customers drill the world’s most demanding oil exploration and development projects, and for use in other industries. These highly specialized products are developed and produced based on more than 40 years of innovation and intellectual property development in material science applications. About ChampionXChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX's expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championX.com. Investor Contact: Byron Pope, byron.pope@championx.com, 281-602-0094 Media Contact: John Breed, john.breed@championx.com, 281-403-5751

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