IRVINE, Calif., Jan. 7, 2016 /PRNewswire/ -- EP Global Communications, Inc. (Public OTC: EPGL)
EP Global Communications, Inc. (EPGL) executed a Settlement Agreement with CooperVision Inc. (CooperVision) on December 31, 2015.
CooperVision is one of the world's leading manufacturers of soft contact lenses. EP Global Communications, Inc. is a new, high technology research and design company which specializes is microelectronic mechanical systems and IoT connectivity for such technologies.
In 2014, the two Companies worked together to jointly develop advanced contact lens technology concepts. On December 31, 2015 the parties executed a Settlement Agreement setting forth the parties' respective rights in the jointly filed patent applications and allowing each party to separately and independently pursue these contact lens concepts. The settlement also addresses the ongoing prosecution of several related joint patent applications.
CooperVision is to pay EPGL an undisclosed cash component and will retain certain rights to use the technologies disclosed in the jointly filed patent applications to develop and commercialize contact lenses and relinquish all rights to other patent applications filed by EPGL. In exchange, EPGL gains sole ownership and control of the jointly filed patent applications and unlimited worldwide marketing right to license the technologies disclosed in the jointly filed patent applications to all other manufacturers and partners worldwide. EPGL will earn 100% of all future revenues from such potential deals going forward.
"We are happy and believe the Agreement strikes a good balance for EPGL and its contribution. The technologies will now have an unlimited number of potential licensees worldwide, so that the most people are benefited. With this Agreement, EPGL has gone from seeing its technologies under a single company's umbrella to now a potential unlimited number. That is very exciting for EPGL's future," said Michael Hayes, President of EPGL.
About EP Global Communications, Inc.
EP Global Communications, Inc. is an advanced technology research and development company for both medical devices and consumer electronics devices specializing in microelectronic mechanical systems (MEMS).
More by this Source
- EPGL to Grant CooperVision, Inc. Exclusive Licenses in Exchange for Royalties and Compensation Agreement by November 6, 2015
- Oct 12, 2015, 15:21 ET
- Google's Smart Contact Lens Challenged by EPGL
- Aug 18, 2015, 00:31 ET
- EPGL Invents the "Smart Case" for Contact Lenses
- Aug 03, 2015, 22:23 ET
SOURCE EP Global Communications, Inc.