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VPR Brands LP (OTC:VPRB) has announced the filing of new patent infringement cases to protect its proprietary vaping technology, following a recent victory at the Patent Trial and Appeal Board (PTAB). The company is focusing on enforcing its US Patent number 8,205,622 B2, which covers Auto Draw Technology in both nicotine and cannabis vaping devices. VPR Brands has a history of successful patent enforcement and settlements, and is now expanding its efforts to secure its position in the rapidly growing vaping market.
The company is also pursuing additional patents for emerging vaping technologies, particularly in the cannabis sector. VPR Brands aims to drive industry growth while maintaining its competitive edge through strategic partnerships, licensing opportunities, and continued innovation. This aggressive approach to patent protection and enforcement is designed to solidify VPR Brands' leadership in vaping technology and product development.
VPR Brands (OTCQB: VPRB) reported its Q2 2024 financial results, showing mixed performance. Total revenues were $1,769,133, down from $1,909,529 in Q2 2023. However, product sales increased to $1,611,190 from $1,196,805 year-over-year. Net income decreased to $176,052 from $928,322 in Q2 2023. For the first six months of 2024, total revenues were $3,287,892, compared to $4,990,550 in H1 2023.
Operating expenses rose to $680,765 in Q2 2024 from $452,903 in Q2 2023, reflecting investments in marketing and product development. The company's total assets increased to $3,218,641 as of June 30, 2024, up from $3,191,246 at the end of 2023. Despite challenges, VPR Brands remains optimistic about its growth prospects in the electronic cigarette and vaporizer markets.
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VPR Brands has reached a settlement agreement with XL Vape, VGOD, and Saltnic, resolving a patent infringement lawsuit regarding the auto-draw technology. The settlement includes a payment of $155,000 from the XL Parties to VPR Brands. The company is actively enforcing its patented electronic cigarette technology, which has been vital in the growing $6 billion e-cigarette market. VPR Brands plans to pursue additional legal actions against other potential infringers and may consider selling its patent in the future.
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