Earlier today,
OurPet’s Company (OTCQX: OPCO) announced the general licensing of its U.S.
patent relating to the application of a polymer material to the bottom of
stainless steel bowls in order to minimize sliding and noise while pets are
feeding. Patent US 8,973,529 B1 was originally issued on March 10, 2015. OPCO’s
innovative design, which is featured in a wide selection of products under its
Durapet® brand, has proven very popular in the pet industry, with a multitude
of domestic and foreign competitors infringing upon the design and
necessitating legal action.
To date, OPCO has
successfully defended its patents against domestic and foreign competitors six
times. Most recently, in March, the company reached a favorable settlement
agreement with one such competitor over the sale of stainless steel,
rubber-bottomed bowls that, according to the filed lawsuit, ‘infringed OurPet’s
‘529 utility patent’. However, pursuing this litigation has proven to be
time-consuming, expensive and, in many cases, disruptive to ongoing operations.
OPCO’s decision to license its intellectual property related to Patent
8,973,529 B1 is expected to combat these negative effects while expanding the
usage of the technology in the pet industry and enhancing OPCO’s overall
profitability moving forward.
“In the future,
OurPet’s will continue to protect the value of our innovative product lines,
and specifically our intellectual property portfolio, which currently includes
160 patents issued or pending,” Dr. Steven Tsengas, president and chief
executive officer of OPCO, stated in a news release following the company’s
most recent settlement.
As of this morning’s
announcement, the company had already agreed to licensing deals with six
manufacturers regarding its polymer bonding stainless steel technology, and it
is in ongoing negotiations with two more. It’s important to note that OPCO’s
decision to license Patent US 8,973,529 B1 does not extend to the remainder of
its extensive intellectual property portfolio, which includes a library of
patents accounting for approximately 75 percent of the company’s revenues.
Other utility patents, including one issued in October 2012 that covers the
application of a polymer to the bottom and slightly up the side of a stainless
steel bowl, will not be licensed at this time.
For more
information, visit the company’s website at www.ourpets.com
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
