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
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