In This Article:
This Latest Development Reflects Our Commitment to Leveraging Our Patented Innovations, Including Our Auto Draw Technology
FORT 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").
This 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.
Details of the Settlement Agreement
Under the terms of the Settlement Agreement and Release:
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Settlement Payment: Daze will pay VPR a total of $100,000, structured as follows:
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An initial payment of $25,000 by December 20, 2024.
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Six monthly payments of $12,500 each, beginning February 1, 2025, and concluding July 1, 2025.
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Non-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.
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Covenant Not to Sue: As part of the agreement, VPR will not pursue litigation against Daze for the use of the licensed technology.
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Mutual Release: Both parties have agreed to release all claims related to the dispute, ensuring a cooperative and forward-looking relationship.
This agreement further underscores VPR Brands' strategic approach to defending our intellectual property while fostering industry relationships that support mutual growth.
Continuing Our Legacy of Innovation and Legal Success
This settlement with Daze marks another milestone in VPR Brands' track record of successful patent enforcement. Our ongoing legal efforts, led by SRIPLAW, P.A., demonstrate our ability to protect and capitalize on our innovations. By securing favorable settlements and licensing agreements, we continue to position ourselves as a leader in the vaping technology sector.
The settlement also reflects our proactive approach to addressing challenges while building collaborative opportunities within the industry. By ensuring the integrity and exclusivity of our patented technologies, we are paving the way for sustained innovation and growth.