Bitzio, Inc. (fka BTZO)

[Arthur]

GreenShift Provides Update

ALPHARETTA, Ga.--(BUSINESS WIRE)-- GreenShift Corporation (OTCQB: GERS) provided an update regarding the ongoing patent infringement action involving GreenShift’s subsidiary, GS CleanTech Corporation (“CleanTech”), and its corn oil extraction patents.

In October 2014, the District Court for the Southern District of Indiana ruled in favor of the defendants in CleanTech’s pending patent infringement matter on their motions for summary judgment alleging, among other things, that certain of our corn oil extraction patents were invalid (U.S. Patent Nos. 7,601,858 (the “‘858 patent”); 8,008,516 (the “‘516 patent”); 8,008,517 (the “‘517 patent”); and 8,283,484 (the “‘484 patent” and, collectively, the “Patents in Suit")). The court ruled last week that the Patents in Suit were additionally unenforceable because of inferences that our inventors and attorneys engaged in inequitable conduct by knowingly withholding material information with an intent to deceive the U.S. Patent and Trademark Office (“USPTO”).

Both rulings are appealable. We disagree with the court's conclusions in each ruling, and believe that each decision relied heavily on an erroneous determination that the inventions were reduced to practice in 2003 as a result of limited, small-scale bench testing.

http://www.businesswire.com/news/home/20160915006439/en/GreenShift-Update