BASF enters license agreement with Michigan-based advanced coatings producer, Ecology Coatings; agreement validates novel UV-curable coatings, Ecology CEO says
January 18, 2012
– Ecology Coatings, Inc. (otcqb:ECOC), a leader in the discovery and development of nanotechnology-enabled, ultraviolet-curable advanced coatings, announced it has entered into a license agreement with German-based BASF Coatings GmbH, one of the world's largest chemical companies.
Under the terms of the license agreement, Ecology Coatings is providing BASF a non-exclusive license for use of its patents, EP 1 723 180, US 7,323,248, US 7,153,892 and US 7,498,362. BASF will pay Ecology Coatings a royalty of 0.5 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.
BASF will pay Ecology Coatings a royalty of 2.5 percent of the net sales value of products sold outside of Europe using U.S. patents 7,323,248, 7,153,892 and 7,498,362. The agreement will terminate upon the expiration of the last patent licensed by BASF.
Patent EP 1 723 180 pertains to a coating for metal objects and can be used on automotive parts and many other industrial articles. The coating is especially useful for metal objects with rubber or plastic parts that would be damaged by heat.
Patent US 7,323,248 pertains to a coating for fiberglass panels. It applies to a wide variety of panels, especially those used in shopping malls, as it is resistant to sunlight and graffiti can be easily removed.
Patent US 7,153,892 pertains to a coating for olefin plastics, such as car bumpers. A major benefit of the coating is its ability to adhere without a primer.
Patent US 7,498,362 pertains to a coating for metal objects. It is very similar to the European patent, but for use in the United States.
"The license agreement validates our novel UV-curable coatings and the strength of our IP portfolio," commented Ecology Coatings CEO Bob Crockett. "BASF is well known for providing quality products and we are pleased that they have chosen to license four of our innovative coating patents."
Ecology Coatings CEO Bob Crockett is hosting a shareholder update conference call Wednesday, January 25, 2012, at 11:00 a.m. PST, 2:00 p.m. EST. The conference call dial-in number for both U.S. and international callers is 1-480-629-9712. Please dial in to the conference five minutes before the call is scheduled to begin. Ask the operator for the Ecology Coatings call.
An audio replay of the conference call will be available from January 25, at 5:00 p.m. Eastern, through February 8, 2012, at 11:59 p.m. Eastern. The replay can be accessed by dialing 1-858-384-5517 and entering conference number 4498732.
There are many applications that will benefit from Ecology Coatings' UV-curable products. To discover if these environmentally friendly, UV-curable coatings can advance your manufacturing application or enhance your products, visit the company's website at www.ecologycoatings.com or send an email to firstname.lastname@example.org.
About Ecology Coatings, Inc.
Ecology Coatings, Inc. (otcqb:ECOC) is a leader in the development and licensing of cleantech ultraviolet (UV) curable coatings -- coatings that improve the products we use daily. Ecology's technology platform allows manufacturers to enhance the durability and performance of their products, while significantly reducing energy costs and increasing manufacturing throughput. The company produces solvent-free coatings, which eliminate the escape of harmful solvents into the atmosphere during application. Headquartered in Warren, Michigan, Ecology Coatings has a development and prototype lab in Akron, Ohio. For additional information, visit the company's website at http://www.ecologycoatings.com