Folks - the facts remain the same.
- Mr. Iehab and Playbev did not perform.
- Rights to use the trademark ended.
- Mr. Iehab sued.
- Mr. Iehab violated the trademark.
- Mr. Iehab lost on all counts.
- Mr. Iehab owes $6,700,000 for trademark infringement.
It is very simple. Mr. Iehab did not pay the royalties owed and the new license agreement did become effective. Mr Iehab himself stated the following:
“Playbev reached a settlement with Playboy that would have provided for a new license conditioned on bankruptcy court approval of PlaybBev’s reorganization plan, PlayBev’s payment of $2.0 million to Playboy, and other provisions, but PlayBev was unable to obtain the funding needed to pay Playboy the initial amount or otherwise implement the reorganization plan, so that plan was abandoned and the settlement agreement and the new Playboy license did not become effective.” (Cirtran’s 2013 10K)
Just like in Playsafe vs United Medical Devices, (which Mr. Iehab also lost) Mr. Iehab did not perform, and lost the trademark rights.
Mr. Iehab should step down as CEO, President, and CFO. He has never managed Cirtran to profitability:
Loss from Operations
2014 ?
2013 (1,015,316)
2012 (375,813)
2011 (7,043,410)
2010 (1,015,316)
2009 (5,814,653)
2008 (3,911,212)
2007 (7,232,524)
2006 (2,854,369)
2005 (527,708)
2004 (658,322)
2003 (2,910,978)
2002 (2,149,810)
2001 (2,933,084)
2000 (2,791,888)
1999 (3,768,905)
The facts remain the same.
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