CooperVision, Inc. Asks EP Global Communications, Inc. to Grant Option to License Immediately
EPGL Considering its Options in Light of the Early Request
http://www.prnewswire.com/news-releases/coope...50979.html
IRVINE, Calif., March 16, 2015 /PRNewswire/ -- EP Global Communications, Inc. (OTC-PINK: EPGL) announces new material developments. It was previously disclosed publicly in 2014 that EPGL and CooperVision, Inc. (COO NYSE The Cooper Companies Inc.) were engaged in a Development Agreement for new ophthalmic and medical technologies.
In a material development for EPGL, CooperVision, Inc. through its in-house IP counsel Muriel Haritchabalet, has asked EPGL to grant an immediate exclusive Option to License its technologies nearly one year earlier than EPGL expected. CooperVision, Inc. has now engaged outside IP counsel Tom Counts of Paul Hastings LLP to negotiate with EPGL.
EPGL is now considering the request with its own counsel and believes that the Development Agreement between the two companies requires that first, good faith negotiations are engaged in under the Agreement to compensate EPGL the maximum amount of money going forward, fairly for its work and joint ownership of the IP with CooperVision, Inc.
"We understand why CooperVision, Inc. wants to acquire this Option to License sooner than later because the subject technologies will potentially enable $5 billion new dollars in the field of ophthalmic annually according to experts in the field," said Michael Hayes President of EPGL. "This is a very significant development and EPGL will look out for its interests in any negotiation and expects the Development Agreement to be adhered to."
EPGL expects that CooperVision, Inc. will agree to abide by the Development Agreement terms and negotiate the required Agreements in good faith prior to EPGL granting the Option it is requesting. "We do believe we will successfully negotiate the granting of the Option to CooperVision, Inc. and have some news very soon on this topic for EPGL shareholders. Stay tuned," said Hayes.
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).
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
RELATED LINKS
http://www.epglmed.com
EPGL Considering its Options in Light of the Early Request
http://www.prnewswire.com/news-releases/coope...50979.html
IRVINE, Calif., March 16, 2015 /PRNewswire/ -- EP Global Communications, Inc. (OTC-PINK: EPGL) announces new material developments. It was previously disclosed publicly in 2014 that EPGL and CooperVision, Inc. (COO NYSE The Cooper Companies Inc.) were engaged in a Development Agreement for new ophthalmic and medical technologies.
In a material development for EPGL, CooperVision, Inc. through its in-house IP counsel Muriel Haritchabalet, has asked EPGL to grant an immediate exclusive Option to License its technologies nearly one year earlier than EPGL expected. CooperVision, Inc. has now engaged outside IP counsel Tom Counts of Paul Hastings LLP to negotiate with EPGL.
EPGL is now considering the request with its own counsel and believes that the Development Agreement between the two companies requires that first, good faith negotiations are engaged in under the Agreement to compensate EPGL the maximum amount of money going forward, fairly for its work and joint ownership of the IP with CooperVision, Inc.
"We understand why CooperVision, Inc. wants to acquire this Option to License sooner than later because the subject technologies will potentially enable $5 billion new dollars in the field of ophthalmic annually according to experts in the field," said Michael Hayes President of EPGL. "This is a very significant development and EPGL will look out for its interests in any negotiation and expects the Development Agreement to be adhered to."
EPGL expects that CooperVision, Inc. will agree to abide by the Development Agreement terms and negotiate the required Agreements in good faith prior to EPGL granting the Option it is requesting. "We do believe we will successfully negotiate the granting of the Option to CooperVision, Inc. and have some news very soon on this topic for EPGL shareholders. Stay tuned," said Hayes.
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).
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
RELATED LINKS
http://www.epglmed.com
