SOURCE: Talon International
LOS ANGELES, CA--(Marketwire - Sep 18, 2012) - Talon International, Inc. (OTCQB: TALN), a leading global supplier of zippers, apparel fasteners, trim and interlining products, announced an end to its extended legal battle with Pro-Fit Holdings, Limited regarding Talon's rights to the patented Tekfit© stretch-waistband technology, and that the Company has now completed the process of securing those patent rights within the U.S. as well as the ability to market this technology worldwide.
The litigation with Pro-Fit began in 2004 when Pro-Fit sought to void the Company's exclusive technology license and intellectual property agreement after seeing the tremendous success the Company achieved. "This highly innovative waistband technology, which the Company branded and has marketed as its Tekfit© waistband since 2002, has been incorporated into many of the top retail brands and sold through hundreds of retail outlets," noted Lonnie Schnell, Talon's CEO. "Talon has sold the Tekfit© technology under such brands as Polo Ralph Lauren, Roundtree & Yorke, Jack Nicklaus and Bobby Jones Golf, Eddie Bauer and Levi's Dockers." The Tekfit© waistband has been heralded by the industry as the most advanced technology in pant designs that provide comfort-fit and stretch-flexibility in standard non-stretchable fabric. During the years 2003 through 2007 over 50 million Tekfit© waistbands were used by Levi Strauss in their Dockers pants, and today these waistbands are being incorporated into quality sports and casual apparel by major retailers such as Dillard's, HMX and Sak's 5th Avenue.
"We are pleased to have this litigation now fully behind us, and more importantly, to have fully secured all patented technology rights and privileges in the process," noted Schnell. "The Pro-Fit litigation left many customers hesitant to incorporate a unique technology while its ownership was in dispute, and this uncertainty severely hampered our ability to sell this product. Despite this apprehension, the amazing capabilities of the Tekfit© technology allowed us to continue to build confidence with selected brands. Now that the uncertainty is ended, we are already seeing the retail appetite for this innovative product change," Schnell continued.
In June 2012 the Joint Administrators' Order granting the Motion to Dismiss the final matters with Pro-Fit was approved and then subsequently all patent and technology assignments were completed and finalized. The final settlement agreement provided for the unconditional release of Talon and related entities from all claims involved in the matter and for the Company's acquisition of all of the U.S. patents, licenses, rights and technology. No damages were paid by any party and all actions were dismissed with prejudice.
About Talon International, Inc.
Talon International, Inc. is a global supplier of apparel fasteners, trim and interlining products to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers. Talon manufactures and distributes zippers and other fasteners under its Talon® brand, known as the original American zipper invented in 1893. Talon also designs, manufactures, engineers, and distributes apparel trim products and specialty waistbands under its trademark names, Talon, Tag-It and TekFit, to major apparel brands and manufacturers including Wal-Mart, Kohl's, J.C. Penney, Victoria's Secret, Tom Tailor, Abercrombie and Fitch, Polo Ralph Lauren, Fat Face, Phillips-Van Heusen, Reebok and Juicy Couture. The company has offices and facilities in the United States, United Kingdom, Hong Kong, China, Taiwan, India and Bangladesh.
This news release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the company's views on the Tekfit© waistband and an increase in its adoption by customers now that the Pro-Fit litigation has been settled, and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the company's industry, competition and capital requirements. Other factors and uncertainties that could affect the company's forward-looking statements include, among other things, the following: manufacturer and consumer acceptance of the Tekfit© waistband, the product's actual performance relative to its specifications, and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than the company's waistband products. These and other risks are more fully described in the company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.