NEW YORK -- Quest Patent Research Corporation (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
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
Quest's President Jon Scahill says, "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.
For more information visit www.qprc.com.
