VPR Brands Announces Favorable Settlement of Third
Patent Infringement Case; Settlements Now Total Over
$500,000
Fort Lauderdale,
FL -- March 25, 2022 -- InvestorsHub NewsWire -- VPR Brands, LP
(OTC: VPRB): VPR Brands is a market leader
and pioneer in electronic cigarettes and vaporizers for nicotine,
cannabis and cannabidiol (CBD).
On March 18,
2022, the Company entered into a Settlement Agreement (the "XL
Settlement Agreement") by and between the Company on the one hand,
and XL Vape, LLC ("XL"), VGOD LLC ("VGOD"), and Saltnic LLC
("Saltnic" and collectively with XL and VGOD, the "XL Parties"), on
the other hand. The Company previously filed a lawsuit in the
United States District Court for the Central District of California
(Civil Action No. 2:21-cv-01110(MCS)) alleging patent infringement
of the Patent by XL (the "XL Action"). Pursuant to the terms of the
XL Settlement Agreement, the Company and the XL Parties agreed to
settle the XL Action. In addition, the XL Parties agreed to pay the
Company $155,000. The Company also granted each of the XL Parties a
fully paid-up, royalty-free, non-exclusive license to practice the
invention set forth in the Patent and all related patents and
applications, domestic and foreign
The company owns
Intellectual Property which is one of the original Patents filed for
electronic cigarette technology. This Patent dates to 2009 and
includes independent claims covering electronic cigarette products
containing an electric airflow sensor, including a sensor comprised
of a diaphragm microphone. The sensor turns the battery on and off,
and covers most auto-draw, button less e-cigarettes, cig-a-likes,
pod devices and vaporizers using an airflow sensor rather than a
button. The technology is covered under electronic cigarette
utility patent US 8,205,622
VPR Brands along
with SRIPLAW has started to identify and notify over 50 of the
leading companies using the Auto Draw Technology and VPR Brands
intends to vigorously enforce its Patent. These companies were
prioritized, based on sales volume and popularity. Most recently
VPR Brands LP and its legal team, headed by Joel B Rothman of
SRIPLAW, have filed litigation against 9 of the companies.
Additional lawsuits will continue to be filed as necessary to
protect the company's Intellectual Property rights.
The vaping
industry has matured in size and continues to grow. The company
believes that its patent puts them in a unique position to
capitalize on the recent surge in e-cigarette/vape usage that
resulted in what some analysts estimate to be
a $6
billion e-cigarette market, not
including devices sold for cannabis and CBD.
A majority
of the nicotine vaping devices sold in the U.S. now utilize an
auto-draw/button-less technology. The company is investigating all
button-less vape devices within the nicotine, CBD, and cannabis
space that initiate vaporization from the user's airflow inhalation
as they would be suspect of infringement.
The company may
also seek a buyer for this patent in the future. As an example of
past patent sales for electronic cigarettes, another company,
Ruyan, gained a U.S. patent for its electronic cigarette product.
In August 2013, Imperial Tobacco
Group purchased the intellectual property behind the Ruyan
e-cigarette for $75 million. The market was
barely what it is today and has grown tremendously since
2013.
Previous Settlements Announced:
Effective
December 1, 2021, VPR Brands, LP (the "Company") and NEPA 2
Wholesale, LLC ("NEPA") entered into that certain Settlement
Agreement (the "Settlement Agreement"). Pursuant to the terms of
the Settlement Agreement, the Company and NEPA agreed to settle a
lawsuit filed by the Company against NEPA that alleged patent
infringement relating to U.S. Patent No. 8205,622 (the "Patent"),
and NEPA agreed to pay to the Company $275,000. In addition,
pursuant to the terms of the Settlement Agreement, the Company
agreed to license the Patent and related patents and applications
to NEPA and certain of its affiliates.
On December 30,
2021, VPR Brands, LP (the "Company") entered into a Settlement
Agreement (the "Settlement Agreement") by and between the Company
and PHD Marketing, Inc. ("PHD"). VPR previously filed a lawsuit in
the United States District Court for the Central District of
California (Civil Action No. 21-cv-03797) alleging patent
infringement of U.S. Patent No. 8,205,622 (the "Patent") by PHD
(the "Action"). Pursuant to the terms of the Settlement Agreement,
the Company and PHD agreed to settle the Action. In addition, PHD
agreed to pay the Company $85,000.00. The Company also granted PHD
a nonexclusive, non-assignable license to practice the invention
set forth in the Patent.
On March 18,
2022, the Company entered into a Settlement Agreement (the "XL
Settlement Agreement") by and between the Company on the one hand,
and XL Vape, LLC ("XL"), VGOD LLC ("VGOD"), and Saltnic LLC
("Saltnic" and collectively with XL and VGOD, the "XL Parties"), on
the other hand. The Company previously filed a lawsuit in the
United States District Court for the Central District of California
(Civil Action No. 2:21-cv-01110(MCS)) alleging patent infringement
of the Patent by XL (the "XL Action"). Pursuant to the terms of the
XL Settlement Agreement, the Company and the XL Parties agreed to
settle the XL Action. In addition, the XL Parties agreed to pay the
Company $155,000. The Company also granted each of the XL Parties a
fully paid-up, royalty-free, non-exclusive license to practice the
invention set forth in the Patent and all related patents and
applications, domestic and foreign.
About VPR Brands, LP:
VPR Brands is a
technology company, which develops consumer and business products
based on the newest cutting-edge technologies and whose assets
include issued a U.S. patent for atomization-related products
including technology for medical marijuana vaporizers and
electronic cigarette products and components. The company is also
engaged in product development for the vapor or vaping market,
including e-liquids, vaporizers, and electronic cigarettes (also
known as e-cigarettes) which are devices that deliver nicotine and
or cannabis through atomization or vaping, and without smoke and
other chemical constituents typically found in traditional
products. For more information about VPR Brands, please visit the
company on the web at www.vprbrands.com
Forward-looking statements:
This news release
contains statements that involve expectations, plans or intentions,
and other factors discussed from time to time in the company's
Securities and Exchange Commission filings. These statements are
forward-looking and are subject to risks and uncertainties, so
actual results may vary materially. The company cautions readers
not to place undue reliance on any forward-looking statements,
which speak only as of the date made. The company disclaims any
obligation subsequently to revise any forward-looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
VPR Brands (QB) (USOTC:VPRB)
過去 株価チャート
から 12 2024 まで 1 2025
VPR Brands (QB) (USOTC:VPRB)
過去 株価チャート
から 1 2024 まで 1 2025
