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VENTURA COUNTY BUSINESS | VENTURA COUNTY DIGEST

Variflex Buys Back Stock for $2.25 Million

May 23, 2000|BARBARA MURPHY

Variflex Inc. in Moorpark, a provider of in-line skates, skateboards, portable instant canopies, trampolines and other recreational products, has repurchased 415,911 shares of its common stock.

The company purchased the shares at a negotiated price of $5.41 each in a private transaction with an unrelated third party. The cash purchase price of $2.25 million was funded with available liquid assets.

In other news, Variflex said it has settled a lawsuit with International E-Z Up. Variflex was being sued for patent infringement and "trade dress" infringement relating to certain portable canopy products. Trade dress infringement occurs when there is a likelihood of confusion to the ordinary purchaser resulting from the total effect of a product's packaging.

Variflex had denied that it infringed on E-Z Up's patents or that E-Z Up's "trade dress" was protectable. Variflex also filed counterclaims against E-Z Up, alleging that the patents in question are invalid and unenforceable.

Under the terms of the settlement, both sides agreed to dismiss all claims against each other. The terms are subject to a confidentiality agreement, Variflex officials said.

Variflex's recreational products are distributed throughout the United States and abroad.

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