The latest patent (United States Patent D500,243, Turek December 28, 2004; Assignee: Turek, Sr.; James N. (Lexington, KY); Turek, II; James N. (Lexington, KY); Turek; Brandon D. (Lexington, KY)) has NOT been assigned to Plasticon but has instead been assigned to the Turek family.
How can the ornamental design patent be claimed as a company-owned patent, whatever the value?
Who vlaued the company-owned patents at $20 million?
Plasticon Receives Patent Confirmation for PAC Chair III -- Plasticon's Patents Now Valued at $20 Million
Monday September 12, 8:30 AM EDT
LEXINGTON, Ky., Sept. 12, 2005 (PRIMEZONE) -- Plasticon International Inc. (PLNI), the technology leader of the recycled plastics sector, announced today it has recently received confirmation of the company's patent for the PAC Chair III product, the latest innovation from the company.
The PAC Chair III, in one product, replaces all four conventional metal rebar support products -- wire, galvanized, epoxy coated, and stainless steel. "Our industry first PAC Chair III includes the mesh market and the on-grade market with a single product that is both stackable and self-contained with a sand plate, allowing for 3 heights (2 rebar and one mesh)," said Jim Turek, president and CEO of Plasticon International. "This makes the PAC Chair III the most versatile individual rebar support on the market today."
Sales of the PAC Chair III will be made through Plasticon's exclusive domestic distributor, the largest building materials distribution company in the U.S. with 63 strategically located warehouses nationwide.
"Because the PAC Chair III products are stackable, they are much more convenient for workers in the field," Mr. Turek said. He continued to state that, "Metal rebar supports are not stackable, making it difficult to carry more than 32 at a time in a large box. However, the PAC Chair III is stackable, allowing a worker to carry up to 225 individual supports in that same size box. This product gives the construction industry a tremendous opportunity to increase efficiency and productivity. The PAC Chair III also reduces shipping costs. We are pleased that the demand is so high for our newest product offering, and we believe that the clear advantages this product offers will continue to drive sales."
The PAC Chair III is the most recent patent that the company has received. According to an independent appraiser and the federal courts, Plasticon's recycled plastic product patents are valued at $20 million. Additionally, since the inception of the company, Plasticon has built an inventory of injection molds that the company owns outright, which are presently valued at over $10 million.
finance.myway.com <http://www.quicktopic.com/cgi-bin/link.cgi...12&x=226654416.6>;
The “most recent patent – which has NOT been assigned to Plasticon.
United States Patent D500,243
Turek December 28, 2004
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Rebar, beam and mesh highchair
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Claims
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The ornamental design for a rebar, beam and mesh highchair, as shown and described.
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Inventors: Turek; James N. (Lexington, KY)
Assignee: Turek, Sr.; James N. (Lexington, KY); Turek, II; James N. (Lexington, KY); Turek; Brandon D. (Lexington, KY) Appl. No.: 197514
Filed: January 15, 2004
patft.uspto.gov <http://www.quicktopic.com/cgi-bin/link.cgi...22&x=226654416.6>;
As for the rest of the patents claimed –
Patent No. 4,942,714 Rebar and Beam Bolster, Slab and Beam Upper; - is easily found on the USPTO site
patft.uspto.gov. <http://patft.uspto.gov/netacgi/nph-Parser?...&RS=PN/4,942,714>;
BUT these are not on the USPTO site.
Patent No. 7,401,024 Road Signs and Method of Production; Patent No. 7,441,441 Rebar and Beam Highchair; Patent No. 7,441,835 Modular Concrete Form; and Patent No. 7,556,266 Apparatus for Supporting Reinforcing Steel in Concrete.
US patent numbers have not yet reached as high as these patent numbers.
Wicklund Holding Co · 8-K/A · For 10/15/98 · 8-K ITEM 5: OTHER EVENTS
WHC made an agreement with Dow Credit Corporation and The Dow Chemical Corporation effective March 23, 1999 to acquire the debt of WHC's subsidiary thereto in the amount of $ 800,000, including interest, which was secured by four of the subsiduary's United States and Canadian patents which pertain to plastic parts used in commerical cement construction.
The term of the agreement involved WHC paying Dow Credit Corporation $600,000.00 down over a period of approximately four months commencing on May 23, 1999, a $200,000 premium note to be payable over three years, and 5% of the gross income from products utitlizing the patents capped at $400,000.
In exchange, Dow Credit Corporation and The Dow Chemical Corporation agreed to release Wicklund's patents as collateral. The terms for payment of the $600,000.00 down include installment payments of $125,000 on March 23, 1999 with three equal payments of $125,000 in each of the next three succeeding months, plus a final payment of $100,000 in July of 1999.
The released liens were on
Patent No. 4,942,714 Rebar and Beam Bolster, Slab and Beam Upper;
Patent No. 7,401,024 Road Signs and Method of Production;
Patent No. 7,441,441 Rebar and Beam Highchair;
Patent No. 7,441,835 Modular Concrete Form; and
Patent No. 7,556,266 Apparatus for Supporting Reinforcing Steel in Concrete.
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