Quest Announces Exclusive Rights Agreement With JL Products Development Inc.
November 14 2007 - 9:00AM
PR Newswire (US)
NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Quest Patent Research
Corporation (QPRC) (OTC:QPRC) Today announced its acquisition of
the exclusive worldwide rights to manufacture, sell and license for
sale a new paint additive product that the Company believes offers
significant advantages and improvements over similar products
available in the industry today. The paint additive invention is a
formula acquired from JL Products Development Inc. Under the
agreement Quest will retain a minimum of 25% of all revenues
generated as a result of sales made or royalties collected. The
Company's share of revenues increases to as high as 40% should
cumulative revenues exceed $43 million. The paint additive formula
produces high quality industrial paint products which are typically
used in outdoor applications such as bridges, pipelines and general
infrastructure, as well as large marine and aviation coating
applications. The entire coatings market was valued at $86 billion
in 2005, according to the Global Coatings Report 2006 According to
Quest's President, Jon Scahill: "We are very pleased and excited to
close our first major acquisition since focusing our business
efforts on securing new inventions and intellectual property
rights. We believe this new paint additive invention, which Quest
will control worldwide, will revolutionize the industry due to the
fact that the new paint offers significant application efficiencies
and equal or superior functional performance as other similar
quality paints that meet the same criteria. The paint, therefore,
should be extremely attractive to municipalities, contractors,
shipping companies, airlines and others that seek an improvement in
paint quality while at the same time achieving a long term cost
savings. Prior to the acquisition, the paint product was thoroughly
tested by the independent testing agency of KTA-Tator Inc. The
Company was very pleased with the test results". The Company
advised that it will seek patent protection for the invention. Safe
Harbor Statement under the Private Securities Litigation Reform
Act: Statements in this release that are not historical facts are
forward-looking and involve a number of risks and uncertainties,
including but not limited to the Company's limited operating
history, uncertainties of market acceptance of products,
uncertainties of new product development and other risks. Contact:
Jon Scahill President & COO 888-743-7577 Ext. 82
http://www.qprc.com/ DATASOURCE: Quest Patent Research Corporation
CONTACT: Jon Scahill President & COO of Quest Patent Research
Corporation, +1-888-743-7577 Ext. 82, Web site:
http://www.qprc.com/
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