Omni Bridgeway funds Australian inventor in IP infringement claim against Coca-Cola
SYDNEY, 9 December 2020: Omni Bridgeway is financing the claim by Australian company Veraseal Pty Ltd, against Coca-Cola Amatil Ltd for the alleged infringement of Veraseal’s Australian patent for plastic containers and closures, used in popular brands including Mount Franklin, Powerade, Pump and Glaceau Vitaminwater. The invention involves a novel seal and reduces the cost of materials, improves the effectiveness of the seal and the ease with which bottles can be opened and re-sealed.
Veraseal claims Coca-Cola Amatil has used the patented technology without licence for a range of its beverage products over a number of years, including the Mount Franklin and Powerade, Pump and Glaceau Vitaminwater products. Coca-Cola Amatil’s “Mount Franklin” brand is its highest selling branded beverage in Australia.
In 2017, proceedings were brought in the USA against various closure manufacturers for infringement of the equivalent US patent. Financial settlement was reached and Veraseal is now seeking redress for infringement in Australia by Coca-Cola Amatil and has filed proceedings in the Federal Court of Australia.
Heather Collins, Investment Manager at Omni Bridgeway said: "We believe Coca-Cola Amatil allegedly made significant manufacturing savings by using Veraseal's patented invention. With Omni Bridgeway's funding, Veraseal is now able to seek compensation and we are pleased to support this Australian business in pursuing its legal rights over the alleged infringement of its intellectual property.