Axion International Expands IP Portfolio with an Awarded Patent in the Area of Fire Retardants
Last update: 11/3/2011 8:31:00 AM
New Patent from Rutgers University Provides Axion's Licensed Technology with Further Intellectual Property Protection
NEW PROVIDENCE, N.J., Nov 03, 2011 (BUSINESS WIRE) -- Axion International Holdings, Inc. (AXIH), a leader in Recycled Structural Composite (RSC)(TM) technology used to produce railroad ties under the ECOTRAX(TM) brand and building materials under the STRUXURE(TM) brand, announced that a new patent has been awarded in the category of Fire Retardants. This is the third patent that has been issued in this category this year. This patent is unique because it not only covers a formulation of the retardant but how the formulation is modified to create a coating and then how it is applied to an object.
Axion's previously announced fire retardant patent in March related to the formulation itself. The new patent gives added protection, so either Axion or an Axion approved entity can perform the coating procedure. In addition, it can be offered to someone who wants to sell coated objects, and Axion's control of this technology can prevent products from being coated in a manner that doesn't meet Axion's standards or approval. The coating can be used on Axion's existing line of 100% recycled plastic railroad ties and structural building products, in addition to other applications.
The patent was awarded by the U.S. Patent and Trademark Office to Rutgers University in October 2011. Through existing licensing agreements with Rutgers, Axion is authorized to sell and sub-license its various technologies across certain geographic regions.
"We are pleased to announce yet another patent to Axion's growing intellectual property portfolio," said Steve Silverman, Axion's President and Chief Executive Officer. "This patent not only expands the applications and uses of our materials, it provides another layer of protection as it has claims with the application of the fire retardant to all objects. This patent gives us the ability to work with customers needing to coat objects and create a greater value for our fire retardant formulations. It pushes us deeper into the supply chain and expands the market potential for this product. We are fortunate that our longstanding relationship with Rutgers allows us to build a comprehensive domestic and international IP portfolio around our core technologies of Thermal Plastic Composites and Fire Retardants."
The new patent was awarded based on work done by a research team led by Thomas Nosker, Ph.D., at Rutgers University's Materials Sciences and Engineering Department. Mr. Nosker was recognized earlier this year along with five of his peers as one of the nation's top Mechanical Engineers by Inventors Digest magazine.
"These flame-retardant coatings have many advantages over existing technologies," said Thomas Nosker, Ph.D. "The team at Rutgers has developed a formulation that can be sprayed onto most any hard surface using standard equipment, which is a major improvement over existing fire-retardant products. There are literally hundreds of applications that could benefit from this technology, and our goal is to protect them so Axion can effectively monetize their various uses for building materials, as well as railroad tie products and beyond."
About Axion International Holdings, Inc.
Axion International Holdings, Inc. (AXIH) develops structural building products in the United States and internationally from 100% recycled consumer and industrial plastics. It offers structural composite railroad crossties, structural composite I-beams, tongue and groove planking, and various sizes of boards for use in engineered design solutions, such as rail track, rail and tank bridges, pedestrian and recreation bridges, marinas, boardwalks, and bulk heading. The Company markets its structural products to the railroad industry, military, and industrial engineering and contracting firms. Axion International Holdings, Inc. was founded in 2006 and is headquartered in New Providence, New Jersey.
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