Business
EQS-News: VPR Brands Expands Legal Success With New Settlement Agreement to Strengthen Industry Leadership
EQS-News: VPR Brands Expands Legal Success With New Settlement Agreement to Strengthen Industry Leadership.
About this update from Vpr Brands, Lp
[{"type":"text","content":"\n\n\n\n\t\n\n\n\n\n\n\n\n\n\nEQS-News: VPR Brands, LP\n\n\n / Key word(s): Financial\n\n\n\n\n\nVPR Brands Expands Legal Success With New Settlement Agreement to Strengthen Industry Leadership 30.12.2024 / 13:18 CET/CEST\n\n\n\nThe issuer is solely responsible for the content of this announcement.\n\n This Latest Development Reflects Our Commitment to Leveraging Our Patented Innovations, Including Our Auto Draw Technology\nFORT LAUDERDALE, FL - (NewMediaWire) - December 30, 2024 - VPR BRANDS LP (OTC:VPRB) – VPR Brands is proud to announce a significant milestone in our ongoing efforts to protect and monetize our intellectual property. Building on the momentum from the January 2024 Patent Trial and Appeal Board (PTAB) ruling that upheld the validity of US Patent 8,205,622 B2, we have reached a Settlement Agreement and Release with 7 Daze, LLC (\"Daze\").\nThis latest development reflects our commitment to leveraging our patented innovations, including our Auto Draw Technology, to maintain a competitive edge and foster collaboration in the evolving vaping market, spanning both nicotine and cannabis devices.\nDetails of the Settlement Agreement\nUnder the terms of the Settlement Agreement and Release:\nSettlement Payment: Daze will pay VPR a total of $100,000, structured as follows:\nAn initial payment of $25,000 by December 20, 2024.\nSix monthly payments of $12,500 each, beginning February 1, 2025, and concluding July 1, 2025.\nNon-Exclusive License: VPR has granted Daze a fully paid-up, royalty-free, non-exclusive license to practice the invention in US Patent 8,205,622 B2 and related patents. This license enables Daze to continue manufacturing and distributing auto-draw electronic cigarette products, including the Ohmlet and Egge brands.\nCovenant Not to Sue: As part of the agreement, VPR will not pursue litigation against Daze for the use of the licensed technology.\nMutual Release: Both parties have agreed to release all claims related to the dispute, ensuring a cooperative and forward-looking relationship.\nThis agreement further underscores VPR Brands' strategic approach to defending our intellectual property while fostering industry relationships that support mutual growth.\nContinuing Our Legacy of Innovation and Legal Success\nThis settlement with Daze marks another milestone in VPR Brands' track record of successful pa...