Ecology Coatings, Inc. has entered into a license agreement with German-based BASF Coatings GmbH. Under the terms of the agreement, Ecology Coatings will grant BASF a non-exclusive license for use of the following patents: EP 1 723 180; US 7,323,248; US 7,153,892; and US 7,498,362. BASF will pay the company a royalty of .5 percent of the net sales value of products using EP 1 723 180 sold in Europe, and a royalty of 2.5 percent of the net sales value of products sold outside of Europe.
In addition, BASF will pay the company a royalty of 2.5 percent of the net sales value of products sold outside of Europe using the following U.S. patents: 7,323,248; 7,153,892; and 7,498,362. The patents pertain to coatings for use on metal objects, fiberglass panels, and olefin plastics. The agreement will terminate upon the expiration of the last patent licensed by BASF.
"The license agreement validates our novel UV-curable coatings and the strength of our IP portfolio," noted Ecology Coatings CEO Bob Crockett.
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