Veken & Sunwin reach agreement on seized 'Coral Fleece'

09 Feb '09

2 min read

Veken Group Holding Co. Ltd., reached a settlement with Shanghai Sunwin International Trading Company on a seized shipment of 11 containers (40,402 pieces valued at $260,397.60), bound for Sears USA that was in violation of Veken's 'Coral Fleece' intellectual property patent no. ZL200510050367.5. A brief summary of key terms agreed to in the settlement are as follows:

Sunwin agrees to immediately cease all acts of infringement on Veken's patent. If additional acts of infringement occur, Sunwin will pay a penalty equal to ten times the value of the infringing product sold. Sunwin agrees to pay a one-time penalty, within two days of signing the settlement agreement.

There are rumors circulating that Veken has granted authorization to a number of factories to continue to producing and distributing patented 'Coral Fleece' products for the North American market. Veken confirms that they have not, and will not grant authorization to any other party other than JLA Home. JLA has an agreement in place with Veken to provide exclusive distribution of patented 'Coral Fleece' products to the North American market.

Specializing in textile manufacturing, international trading, real estate and energy investment, Veken Group Holding Co., Ltd., is a publicly traded company with total assets of 6.9 billion RMB, 10 billion RMB in total revenue, and $700 million U.S. in total global export sales.

Veken Group Holding Co. Ltd.

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