FORT LAUDERDALE, Fla., Dec. 7, 2021 /PRNewswire/ -- 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, cigalikes, pod devices and vaporizers using an airflow sensor rather than a button. The technology is covered under electronic cigarette utility patent US 8205622.
The Patent case filed on May 3, 2021 in the Florida Southern District Court, VPR BRANDS, LP V. HQDTECH USA LLC and NEPA 2 Wholesale, LLC was settled with both defendants for a total sum greater than $275,000 to be paid to VPR Brands, LP.
"I want to thank our legal team at SRIPL Law for their hard work and diligence in settling this matter, they have been preparing to go to court and litigate on our behalf for the better of 2 years now and preparation is key in negotiating and settling any dispute," says Kevin Frija, CEO of VPR Brands LP. "Ultimately it is a win-win for all parties when a dispute can be settled ahead of trial, but you must be prepared to take it all the way and the litigation team at SRIP Law is ready, willing and able to go the distance if needed and that is what counts when protecting intellectual property."
Please see a copy of the companies recent 8k filing for more information and the full settlement agreement - click the link below:
Item 1.01. Entry into a Material Definitive Agreement.
Effective December 1, 2021, VPR Brands, LP (the "Company") and NEPA 2 Wholesale, LLC ("NEPA") entered into that certain Settlement Agreement (the "Settlement Agreement"). Pursuant to the terms of the Settlement Agreement, the Company and NEPA agreed to settle a lawsuit filed by the Company against NEPA that alleged patent infringement relating to U.S. Patent No. 8205,622 (the "Patent"), and NEPA agreed to pay to the Company $275,000. In addition, pursuant to the terms of the Settlement Agreement, the Company agreed to license the Patent and related patents and applications to NEPA and certain of its affiliates.
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.
VPR Brands, LP. (Form: 8-K, Received: 12/06/2021 06:07:49) (otcmarkets.com)
Please go to the companies website www.vprbrands.com News section for previous press releases related to our Patent and information related to current litigation with additional parties.
About VPR Brands, LP:
PR Brands is a technology company, whose assets include issuing U.S. and Chinese patents for atomization-related products including technology for medical marijuana, hemp and electronic cigarette products and components as well as lighters. 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
+1 (954) 715-7001
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SOURCE VPR Brands, LP
