OPCO Announces Third Licensing Agreement Related to Polymer Bonded Patent
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