Bad news for QTFV...................
LOS ANGELES, Jan 8, 2004 (BUSINESS WIRE) --
Platinum Products, LLC today announced the issuance of an award in its favor by a three-judge panel of arbitrators, who decided, among other things, that QT 5, Inc.'s (OTCBB: QTFV) rights to United States Patent No. 6,268,386 were properly and completely terminated in June 2003. The arbitrators ordered QT 5 to immediately cease and desist from the sale of nicotine water. The award was issued following a contested arbitration hearing in which evidence was taken on December 18, 19, 22 and 23, 2003, and which concluded with final arguments on January 8, 2004. QT 5 had attempted to claim in the proceeding that its rights to the Patent had not been terminated and that it still had the right to market its flagship product NicoWater.
'Obviously, we're thrilled at the result,'commented Platinum's lead attorney Kevin J. Leichter. 'It's always gratifying to win,'he continued, 'but this was a clean sweep of extraordinary proportions, and it was completely justified by the evidence and the law. The arbitrators ruled unanimously, and their ruling rejected all of QT 5's claims, across the board, including a specific rejection of the testimony of QT 5 principals Tim Owens and Steve Reder as to the central contract interpretation issue in the case. All that's left to decide now is how much to award our side for the attorneys fees and costs we've expended to defeat QT 5's contentions.'In their ruling, the arbitrators set a schedule for submissions as to attorneys fees and costs, and indicated that the panel will decide the fees and costs matter without further hearing. Pending the award of attorneys fees and costs, the decision of the panel today was an interim award in a binding arbitration.
Platinum was represented in the arbitration by Mr. Leichter, a member of Los Angeles law firm Christensen Miller Fink Jacobs Glaser Weil &Shapiro LLP. Inventor Marshall Thompson was represented by Frank Longo, Esq. of Beverly Hills based law firm Longo &Longo, LLP.
Platinum co-founders Robert Moore and Todd Sanders expressed their elation at the ruling. 'This clears the way for Platinum to commence full operations without interference from QT5. We are delighted at the arbitrators'decision and thrilled at the prospect of moving forward to exploit our exclusive Patent rights. We are deeply committed to developing and marketing our product in a safe and responsible manner, and we intend to give our fullest cooperation to all regulatory authorities, including especially the FDA, in order to provide every appropriate assurance that our products will serve the public interests. We deeply believe that we have a great product, with strong market potential and mass appeal, and that its uses are both safe and beneficial. To say that we are excited about our future would be an understatement.'
Platinum Products is a privately held Los Angeles-based limited liability company focused on the development of products based on the nicotine beverage Patent. Platinum Products acquired rights to the Patent from inventor Marshall Thompson in mid-2003, together with Mr. Thompson's rights under his terminated agreement with QT 5.
Christensen Miller Fink Jacobs Glaser Weil &Shapiro LLP is a full service law firm of approximately 125 attorneys based in Century City, Los Angeles. Mr. Leichter's practice is focused on litigation and trial of business disputes, including intellectual property and contract matters such as the QT 5/Platinum dispute.
SOURCE: Platinum Products, LLC
Christensen Miller Fink Jacobs Glaser Weil &Shapiro LLP Kevin J. Leichter, Esq., 310-556-7879
"Aim low Sheriff...They're ride'n snakes"
as usual...JMHO..SMD
