Earlier
today, OurPet’s Company (OTCQX: OPCO) announced that it has licensed its U.S.
patent number 8,973,529 B1 to a major stainless steel pet bowl manufacturer
based in India. This agreement marks OPCO’s third licensing deal related to the
‘529 patent since the company announced its intent to license the IP on June 9,
2016. According to this morning’s news release, OPCO is currently in ongoing
negotiations with several other manufacturers regarding additional licensing
agreements related to the polymer bonded patent, which was originally issued
March 10, 2015.
Under
the terms of the newly-announced, non-exclusive deal, the licensee will now be
permitted to sell stainless steel pet bowls with polymer materials applied to
any portion of the bottom, as described in the ‘529 patent. In exchange, OPCO
will receive a royalty for each unit sold in the United States.
“The
polymer bonding on stainless steel technology has proven very popular and has
attracted many domestic and foreign competitors who have not always appreciated
US patent regulations, thus necessitating legal action,” Dr. Steven Tsengas,
chief executive officer of OPCO, stated in a recent news release.
In
June, the company highlighted its successful defense of the ‘529 patent against
a range of competitors, both international and domestic. However, as a result
of the considerable time and expense related to these suits, OPCO’s management
team instituted general licensing of the patent to qualified manufacturers in
an effort to both expand usage of the related technology and bolster the
company’s financial growth.
Since
its founding in 1995, OPCO has remained committed to enhancing the bond between
pets and pet parents through the development of high quality, innovative
products. Today, the company boasts an intellectual property portfolio
featuring more than 160 individual patents spanning the entirety of the roughly
$77 billion U.S. pet industry. OPCO continued to build on its position at the
forefront of the pet market earlier this year through the presentation of its
new Intelligent Pet Care Bluetooth® product line and Switchgrass Natural Cat
Litter™ at the SuperZoo National trade show in Las Vegas. Leaning on the
marketability of these new products, as well as a sizable portfolio of proven
favorites, OPCO’s management team is looking forward to a strong finish to
2016, as noted by Tsengas in a recent news release.
“Due
to the seasonal nature of the pet industry, we typically experience our
strongest sales in the second half of the year. We have no reason to believe
this year will be any different,” he added.
For
more information, visit the company’s website at www.ourpets.com
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