OPCO Announces General Licensing of Polymer Bonded Pet Bowl Patent to Qualified Companies
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