Pennsylvania-based Laserlock Technologies files lawsuit against WS Packaging, alleging patent infringement of counterfeiting detection methods
October 28, 2011
– Laserlock Technologies, Inc. (PINK: LLTI) today announced that it has repurchased 17.9 million shares of its common stock, 10% of its shares outstanding, in a private transaction.
The announcement was made by Norman A. Gardner, Chairman & Chief Executive Officer.
The Company also announced that it has initiated a patent infringement suit in the US District Court for the Western District of Pennsylvania against WS Packaging Group Inc. of Green Bay, Wisconsin, one of the largest printing and label converting operations in North America. The lawsuit alleges that WS Packaging Group knowingly infringed a company patent covering counterfeiting detection methods in the manufacture of 1-billion promotional items for a major multinational corporation.
The lawsuit is one of the first cases to be assigned to the court's new "Patent Pilot Program" which was instituted by Congress earlier this year.
Finally, the Company announced that it has been granted patent protection by the US Patent and Trademark Office for its latest technological development. The technology forms the basis of the Company's efforts to expand its business model from solely being a provider to the worldwide casino industry to becoming a company that offers corporate and government customers secure technology protection from fraud and counterfeiting.
ABOUT THE COMPANY
Laserlock Technologies, Inc. based in Bala Cynwyd, PA is publicly traded on the OTC Pink Sheets under the ticker symbol "LLTI". The Company markets security technology to protect documents and branded products from counterfeiting, diversion and reproduction on a color copier or scanner. It also markets security related products to the worldwide casino gaming industry.