Pittsburgh, PA (PRWEB) October 27, 2009
InventHelp®, America's leading inventor service company, announces that one of its clients from Utah has signed a royalty agreement for his invention. The invention is a safety device that attaches to a gasoline pump and locks the pump until the user safely discharges any surrounding static electricity by touching the ground plate.
The inventor developed the invention after watching news reports about service station explosions caused by static electricity interaction with pumped fuel. He was convinced the invention could possibly save lives and lower insurance costs for service stations.
In May of 2003, the inventor purchased submission services from InventHelp® and requested a referral to a patent attorney. His patent was granted in 2006.
Due to substantial interest from a third party, Intromark Incorporated, InventHelp's sister licensing company, became involved in negotiating the rights to the invention and issued U.S. patent. Intromark discussed various scenarios with the interested party, including licensing and buyouts.
After several weeks of negotiating, a royalty agreement was signed in September of 2009 between the parties. In exchange for an immediate payment of $15,000, the purchasers were assigned the exclusive rights to the invention and have officially begun their efforts to commercialize the product. Under the agreement, the client will receive a stake in any monies garnered from the sale, sublicense or commercialization of his issued U.S. patent.
We are pleased to report that this InventHelp® client has made a financial gain.
From 2006-2008, we signed Submission Agreements with 5,692 clients. As a result of our services, 94 clients have received license agreements for their products and 21 clients have received more money than they paid us for these services.
InventHelp® is America's leading inventor service company. InventHelp® attempts to submit clients' invention ideas to industry in the hopes of obtaining a good faith review. For more information on InventHelp services, visit http://www.inventhelp.com or call 1-800-Invention. InventHelp®, 217 Ninth Street, Pittsburgh, PA 15222