$EPGL ~ Recent Developments in the CooperVision Partnership
IRVINE, Calif., Jan. 7, 2016 /PRNewswire/ -- EP Global Communications, Inc. (Public OTC: EPGL)
EP Global Communications, Inc. Reaches Settlement Agreement with CooperVision, Inc.
EPGL Gains Ability to Strike License Deals with All Other Manufacturers Worldwide
In 2014, the two Companies worked together to jointly develop advanced contact lens technology concepts. On December 31, 2015 the parties executed a Settlement Agreement setting forth the parties' respective rights in the jointly filed patent applications and allowing each party to separately and independently pursue these contact lens concepts. The settlement also addresses the ongoing prosecution of several related joint patent applications.
CooperVision is to pay EPGL an undisclosed cash component and will retain certain rights to use the technologies disclosed in the jointly filed patent applications to develop and commercialize contact lenses and relinquish all rights to other patent applications filed by EPGL. In exchange, EPGL gains sole ownership and control of the jointly filed patent applications and unlimited worldwide marketing right to license the technologies disclosed in the jointly filed patent applications to all other manufacturers and partners worldwide. EPGL will earn 100% of all future revenues from such potential deals going forward.
"We are happy and believe the Agreement strikes a good balance for EPGL and its contribution. The technologies will now have an unlimited number of potential licensees worldwide, so that the most people are benefited. With this Agreement, EPGL has gone from seeing its technologies under a single company's umbrella to now a potential unlimited number. That is very exciting for EPGL's future," said Michael Hayes, President of EPGL.
