FORT LAUDERDALE, Fla., Jan. 06, 2022 (GLOBE NEWSWIRE) -- VPR Brands, LP (OTC: VPRB): VPR Brands is a market leader and pioneer in electronic cigarettes and vaporizers for nicotine, cannabis and cannabidiol (CBD). The company owns Intellectual Property which is one of the original Patents filed for electronic cigarette technology. This Patent dates to 2009 and includes independent claims covering electronic cigarette products containing an electric airflow sensor, including a sensor comprised of a diaphragm microphone. The sensor turns the battery on and off, and covers most auto-draw, button less e-cigarettes, cig-a-likes, pod devices and vaporizers using an airflow sensor rather than a button. The technology is covered under electronic cigarette utility patent US 8,205,622
The Patent case filed in United States District Court Central District of California Los Angeles Division, VPR BRANDS, LP V. PHD MARKETING INC was settled with both defendants for a total sum of $85,000 to be paid to VPR Brands, LP.
"I want to once again thank our legal team at SRIPLAW for their hard work and diligence in settling this matter." says Kevin Frija CEO of VPR Brands LP "As I have said before it is a Win-Win for All parties when a dispute can be settled ahead of trial."
Please see a copy of the company’s recent 8k filing for more information and the full settlement agreement click the link below:
| Item 1.01. | Entry into a Material Definitive Agreement. |
On December 30, 2021, VPR Brands, LP (the “Company”) entered into a Settlement Agreement (the “Settlement Agreement”) by and between the Company and PHD Marketing, Inc. (“PHD”). VPR previously filed a lawsuit in the United States District Court for the Central District of California (Civil Action No. 21-cv-03797) alleging patent infringement of U.S. Patent No. 8,205,622 (the “Patent”) by PHD (the “Action”). Pursuant to the terms of the Settlement Agreement, the Company and PHD agreed to settle the Action. In addition, PHD agreed to pay the Company $85,000.00. The Company also granted PHD a nonexclusive, non-assignable license to practice the invention set forth in the Patent.
The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated herein by reference.
https://www.otcmarkets.com/filing/html?id=15458639&guid=8FSwkKix0lx5B3h
About VPR Brands, LP:
VPR Brands is a technology company, whose assets include issuing U.S. and Chinese patents for atomization-related products including technology for cannabis, medical marijuana, hemp and electronic cigarette products and components as well as lighters specifically used for cannabis and pipe tobacco. The company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers, and electronic cigarettes (also known as e-cigarettes) which are devices that deliver nicotine and or cannabis through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the company on the web at www.vprbrands.com.
Forward-looking statements:
This news release contains statements that involve expectations, plans or intentions, and other factors discussed from time to time in the company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Corporate Communications:
kevin.frija@vprbrands
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