IRVINE, Calif., Oct. 12, 2015 /PRNewswire/ -- EP Global Communications, Inc. (Public OTC: EPGL) announces today as an update to our shareholders, that CooperVision, Inc. (CVI) has requested that EPGL make a "bonafide" counter settlement offer to CVI for royalties and cash settlement.
In a counter offer being made today to CVI, good through November 6, 2015, EPGL has agreed to accept compensation for its nearly two years of exclusive work and Intellectual Properties delivered to CVI in the form of perpetual royalties for commercialization of the technologies going forward.
Details must be confidential at this time. However EPGL is willing to publicly say that it can agree to a fairly tiered approach to royalty payments which will only give CVI discounted royalty incentives after a minimum benchmark of $1.1 billion in royalties paid to EPGL is reached going forward for any EPGL technologies commercialized by CVI congruent with an outstanding demand to CVI in 2015. In addition, EPGL will require a cash settlement for time and know-how delivered from April 2014 to the present date.
In 2013, EPGL signed its first Development Agreement with CVI for its "Energy Harvesting" contact lens technology. In April of 2014, a follow up "Second Amended Development Agreement" was executed, giving CVI exclusive first rights to EPGL patented technologies existing at the time as announced in 2014 and subsequent jointly developed technologies. Since that time, EPGL has developed several new ophthalmic technologies in cooperation with CVI, resulting in several patents pending presently, some being jointly held by the two companies.
"We are not going to let our work and Intellectual Properties be had cheaply, especially when industry experts agree that augmented vision and electronic vision correction will be a massive new revenue space in the coming years. We know that we have accomplished important work in the field with CooperVision and we are going to get paid fairly," said Michael Hayes, President of EPGL. "Today marks the first time EPGL has agreed to put forth a counter offer to since we refused CVI's first offers on May 18, 2015, and I believe it signals that we are drawing closer to finally making a deal. That is the goal," Hayes continued. "Our only interest is in building shareholder equity in EPGL by developing and owning only the best new technologies."
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).
SOURCE EP Global Communications, Inc.