/C O R R E C T I O N -- American Outdoor Brands, Inc./

Rhea-AI Summary

American Outdoor Brands secures patent settlement agreement with The Allen Company

Positive

• American Outdoor Brands has secured a settlement and permanent injunction against The Allen Company for patent infringement.
• The settlement protects American Outdoor Brands' intellectual property.
• The permanent injunction prohibits Allen from making, using, importing, selling, or offering for sale certain products.

Negative

• None.

In the news release, American Outdoor Brands Secures Patent Settlement Agreement with The Allen Company, Inc., issued 26-Sep-2023 by American Outdoor Brands, Inc. over PR Newswire, we are advised by the company that in the first sentence of the second paragraph the words 'trademark and' should be removed, and that the sentence should reference only a patent infringement action, rather than a trademark and patent infringement action, as originally issued inadvertently. The complete, corrected release follows:

American Outdoor Brands Secures Patent Settlement Agreement with The Allen Company, Inc.

COLUMBIA, Mo., Sept. 26, 2023 /PRNewswire/ -- American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT), ("AOB") an industry leading provider of products and accessories for outdoor enthusiasts, today announced that it has secured a settlement, including a permanent injunction entered by the United States District Court for the District of Colorado on September 25, 2023, with The Allen Company, Inc. ("Allen"), related to Allen's infringement of AOB's patent rights.

AOB's patent infringement action against Allen was initiated in February 2023 and was related to Allen's alleged repeated infringement of AOB's patent rights incorporated in the LEAD SLED® shooting rests; Orange Peel® shooting targets; and Ultimate Target Stand through Allen's sales of the Shottrax and Shot-Rock shooting rests; EZ Aim® targets; and the Precision Target Stand, respectively.

On September 25, 2023, the United States District Court for the District of Colorado entered a permanent injunction against Allen enjoining Allen from making, using, importing, selling, or offering for sale Shottrax and Shot-Rock shooting rests SKU Nos. 21922 and 21925; EZ Aim targets SKU Nos. 15253, 15229, 15224, 15222, 15228, 15225, 15252, 15226, and 15223; and the Precision Target Stand SKU No. 15296.

Brian Murphy, President and CEO of American Outdoor Brands, said, "Innovation remains key to our long-term growth, and we believe our proprietary designs and features have helped us build a loyal base of consumers who continue to trust our brands. We are pleased with this settlement agreement and related permanent injunction, which protects our intellectual property, and allows us to remain focused on building authentic, lifestyle brands that help our consumers make the most out of the moments that matter."

Statement Regarding Forward-Looking Information

The statements contained in this release that are not historical are forward-looking statements within the meaning of the U.S. federal securities laws and we intend that such forward-looking statements be subject to the safe harbor created thereby. Statements that are not historical facts, including statements about anticipated financial outcomes and expenditures as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. These statements relate to future events and our future results and involve a number of risks and uncertainties. Actual results, performance or achievement could differ materially from those contained in these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, without limitation, changes in price and volume and the volatility of our common stock, unexpected or otherwise unplanned or alternative requirements with respect to the capital investments of the Company, changes in general economic, business and political conditions, and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Except as required by applicable law or regulation, we disclaim any obligation and do not intend to publicly update or review any of our forward-looking statements, whether as a result of new information, future events or otherwise.

About American Outdoor Brands, Inc.

American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT) is an industry leading provider of outdoor products and accessories, including hunting, fishing, camping, outdoor cooking, shooting, and personal security and defense products, for rugged outdoor enthusiasts.  The company produces innovative, top quality products under its brands BOG®; BUBBA®; Caldwell®; Crimson Trace®; Frankford Arsenal®; Grilla Grills®; Hooyman®; Imperial®; LaserLyte®; Lockdown®; MEAT!; Old Timer®; Schrade®; Tipton®; Uncle Henry®; ust®; and Wheeler®. For more information about all the brands and products from American Outdoor Brands, Inc., visit www.aob.com.

Contact:
Liz Sharp, VP, Investor Relations
lsharp@aob.com
(573) 303-4620

View original content to download multimedia:https://www.prnewswire.com/news-releases/american-outdoor-brands-secures-patent-settlement-agreement-with-the-allen-company-inc-301939441.html

SOURCE American Outdoor Brands, Inc.

FAQ

What is the settlement agreement between American Outdoor Brands and The Allen Company?

The settlement agreement is related to Allen's infringement of American Outdoor Brands' patent rights.

When was the permanent injunction entered against Allen?

The permanent injunction was entered by the United States District Court for the District of Colorado on September 25, 2023.

What products are included in the permanent injunction?

The permanent injunction includes specific SKU numbers for Shottrax and Shot-Rock shooting rests, EZ Aim targets, and the Precision Target Stand.

What is the significance of this settlement for American Outdoor Brands?

This settlement protects American Outdoor Brands' intellectual property and allows them to focus on building authentic, lifestyle brands.

Are there any financial details provided in the PR?

No, the PR does not provide any financial details.