Item 8.01. Other Events. As previously reported, on September 22, 2020, VPR Brands, LP (the “Company”) acquired the “Dissim” business and its assets, including certain identified intellectual property, from Brian Condron, Kegan McDaniel, C.S. Explorations, LLC (collectively with Mr. Condron and Mr. McDaniel, the “Dissim Sellers”).…
VPR Brands is a technology company and an IP holding company engaged in various monetization strategies of its U.S. and International patents covering electronic cigarette, vaporizer technologies, and related accessories. The company designs, develops, markets, and distributes products oriented towards the cannabis markets, including the ELF and HONEYSTICK brand of vaporizers and DISSIM Lighters. VPR Brands is actively enforcing its patents and exploring and monetizing licensing opportunities
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Item 8.01Item 8.01 - Other Events
Item 8.01. Other Events.
As previously reported, on September 22, 2020,
VPR Brands, LP (the “Company”) acquired the “Dissim” business and its assets, including certain identified intellectual property, from Brian Condron, Kegan McDaniel,
C.S. Explorations, LLC (collectively with Mr. Condron and Mr. McDaniel, the “Dissim Sellers”). In connection therewith, the
Company agreed to pay the Dissim Sellers a royalty of 5% of the gross proceeds of the sale of lighters sold under the Dissim brand, an
additional royalty on certain then-existing and in-process inventory, and related reporting obligations. On July 15, 2026, the Company
agreed to pay to each of the Dissim Sellers $45,000, for an aggregate payment to the Dissim Sellers of $135,000, representing the final
consideration payable in full satisfaction of the remaining royalty, such that no royalty will be due to the Dissim Sellers going forward.
The agreement and payments do not affect the Company’s prior acquisition of the Dissim business and assets, which continues to be
effective. Accordingly, the Company continues to own the acquired Dissim intellectual property, including, but not limited to, (i) U.S. Provision
Application No. 62/589,350, filed November 21, 2017; (ii) U.S. Patent Application Series No. 16/196,510, filed November 20, 2018, issued
as U.S. Patent No. 10,948,187 (inverted lighter); and (iii) U.S. Patent No. 11,913,644 (investing pocket lighters), a continuation of
Serial No. 16/196,510.
