Vancouver, BC / TheNewswire / April 15, 2019 - PODA TECHNOLOGIES LTD. ("Poda" or the "Company") is pleased to announce that it has acquired the rights to additional vaporizer-related intellectual property from the original founders of Poda (the "Inventors") on the terms and conditions set forth in an amended and restated royalties agreement (the "Amended Agreement") dated April 12th, 2019.
The Inventors and Poda previously entered into a royalties agreement dated April 19th, 2015 (the "Original Agreement"), pursuant to which Poda agreed to pay royalties to the Inventors in the amount of 3% of Poda's gross revenues in relation to the commercialization of certain inventions (the "Original Inventions"). Since that time, the Inventors have developed certain additional vaporizer-related inventions (the "New Inventions") which the Company wishes to commercialize. In accordance with the terms and conditions of the Amended Agreement, Poda is granted a royalty-bearing exclusive license to commercialize, use, and sublicense the Original Inventions and the New Inventions. In exchange for the additional rights granted to Poda under the Agreement, Poda has assigned the ownership of certain patents back to the Inventors and the royalty payable by PODAPoda has been increased from 3% to 4.5%.
Paul Ciullo, CFO of Poda commented "We are very pleased about the acquisition of these new IP rights and we believe this strategic acquisition will provide Poda with a strong foundation for the future growth of the Company."
On Behalf of the Board,
Poda is actively engaged in the commercialization of vaporizable products, which have the potential to reduce the risks associated with combustible products. The Company has obtained an exclusive license to an innovative heat-not-burn vaporization system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The patent-pending designs prevent cross-contamination between the electronic vaporization device and the pod, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially risk-reduced vaping experience. Pod refill options range from dried flower and tobacco to liquids and concentrates and can easily be switched during vaping sessions to suit any adult consumer's mood.