PALM BEACH GARDENS, Fla., April 19, 2023 (GLOBE NEWSWIRE) -- Molekule Group, Inc (“Molekule” or the “Company”) (Nasdaq: MKUL), an emerging leader in air purification technology solutions, systems for healthcare and commercial smart building applications, and individual consumer protection, today announced that a civil complaint previously filed against the Company has been favorably resolved with all claims against the Company dismissed by the Court with prejudice.
“We are very pleased with the favorable resolution of this matter and along with it the affirmation of the professionalism of our sales and marketing practices.” said Jason DiBona, CEO of Molekule. “Our focus remains on our future as an innovator and leader in the market, to execute on our mission to provide clean indoor air to everyone, everywhere.”
The complaint was filed on August 11, 2022, in the U.S. District Court for the Southern District of New York, Case No. 7:22-cv-06842- PMH (the “Action”) by Sterilumen, Inc. (the “Plaintiff” or “Sterilumen”), a wholly-owned subsidiary of Applied UV, Inc. Sterilumen’s complaint sought $20 million dollars in damages against the Company for, among other claims, alleged trademark infringement and unfair business competition. In response, the Company filed counterclaims (“Counterclaims”) contesting the validity of Sterilumen’s trademark rights and seeking money damages for fraudulent registration thereof.
By its Order dated March 13, 2023 (the “Order”), the Court agreed with Molekule’s position and ruled the Action dismissed with prejudice. Molekule subsequently reached a favorable agreement with Sterilumen to forgo pursuing Molekule’s Counterclaims, among other things. As a result, Sterilumen’s claims against Molekule’s trademarks (SteriductTM and AerocleanTM) are permanently barred and Sterilumen has waived its right to appeal the Order. The Company achieved this outcome without having to compensate Sterilumen in any manner, and its legal expenses were covered by an insurance policy.
About Molekule
Molekule is on a mission to provide clean indoor air to everyone, everywhere. With the largest range of proprietary, FDA-cleared air purification devices on the market, Molekule is providing consumers, business owners, and medical professionals with hardware and software solutions to better understand and improve indoor air quality. Its Air Pro, Air Mini+, and Pūrgo™ purification devices can be applied to virtually any indoor space, including homes, classrooms, offices, hospitals, and more. For more information and customer reviews, visit https://molekule.com.
Media Contacts
Press@molekule.com
Investor Relations Contacts
Ryan Tyler — Chief Financial Officer, Molekule
Ryan.Tyler@molekule.com
MATTIO Communications
molekule@mattio.com
Forward-Looking Statements
This press release includes forward-looking statements relating to our management’s expectations, beliefs and intentions and Molekule’s prospects. Forward-looking statements are statements that are not historical facts, including the statements of our management. Such forward-looking statements are based on our management’s current expectations and projections about future events and trends, which are inherently subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those explicitly or implicitly projected, including (without limitation): general economic conditions in the markets where we operate; the impact of the COVID-19 pandemic and related prophylactic measures; expected timing of regulatory approvals and product launches; non-performance of third-party vendors and contractors; risks related to our ability to successfully sell our products and the market reception to and performance of our products; our compliance with, and changes to, applicable laws and regulations; our limited operating history; our ability to manage growth; our ability to obtain additional financing when and if needed; our ability to expand product offerings; our ability to compete with others in our industry; our ability to protect our intellectual property; the ability of certain stockholders to determine the outcome of matters that require stockholder approval; our ability to retain the listing of our common stock on Nasdaq; our ability to defend against legal proceedings; success in retaining or recruiting, or changes required in, our officers, key employees or directors; our ability to achieve the expected benefits from our merger with Molekule, Inc.; the risk that goodwill or identifiable intangible assets could become impaired; and our ability to successfully consummate acquisitions.
These and other risks and uncertainties that could affect Molekule’s future results are included under the caption “Risk Factors” in Molekule’s annual report on Form 10-K/A for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2023, which is available on the SEC’s website at www.sec.gov. Further information regarding potential risks or uncertainties that could affect actual results will be included in other periodic filings Molekule makes with the SEC.
The forward-looking statements in this release reflect management’s expectations as of the date hereof and Molekule expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections.
