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OPCO Reaches Favorable Settlement in Patent Infringement Case
Before the opening bell, OurPet’s Company (OTCQX: OPCO) announced a patent infringement settlement with Van Ness Plastic Molding Co., Inc. In the previously filed suit, OPCO alleged that Van Ness’ stainless steel, rubber-bottomed bowls infringed upon the company’s 529 utility patent, which covers a feeding dish with rubber on the bottom where the rubber does not extend up a sidewall. According to the news release, the matter was settled favorably to OurPet’s.
“We are pleased with the outcome of this patent infringement case,” Dr. Steve Tsengas, president and chief executive officer of OPCO, stated in this morning’s news release. “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.”
The intellectual property in question covers the company’s DuraPet® line, which is the leading line of pet dishes in the pet industry. According to the product’s description on Amazon (NASDAQ: AMZN), the OurPet’s DuraPet® Bowl uses a permanently-bonded rubber ring on the bottom of the bowl to prevent sliding and reduce noise while the pet is eating. The stainless steel bowl is scratch-resistant and crack-proof, and the product is dishwasher-safe for easy cleaning.
Over the years, OPCO has developed an expansive line of innovative pet products, including a strong IP portfolio featuring 160 issued or pending patents in the United States. In addition to its steadfast commitment to driving innovation in the pet industry, the company has committed significant effort to enforcing its patents against copycat competitors. These efforts have helped OPCO maintain a sizable and growing presence in the pet industry, as demonstrated by the company’s latest financial results.
In the fourth quarter of 2015, OPCO recorded $450,592 in net income, an increase of 10 percent from the same period in 2014. Likewise, the company’s 2015 full-year net income was up 74 percent over the results from the prior year, with OPCO continuing to benefit from specific management initiatives that resulted in lower fixed costs, lower production costs and lower general and administrative expenses. Following the successful implementation of its dual branding strategy, by which OPCO markets the OurPet’s brand for the pet specialty channel and the Pet Zone brand for the food, drug and mass retail channels, the company is well-positioned to build on these results and continue its positive momentum throughout the first quarter of 2016 and beyond.
For more information, visit the company’s website at www.ourpets.com
