Contact: Scott Norman, President, Millennium Marketing Group
Phone: (913) 317-9114; e-mail: snorman@patentmovers.com or
Betsy Myers, Media Relations, Phone: (310) 275-4608; e-mail: bmyers@patentmovers.com
Corporate Giant, Fortune Brands, Inc. (NYSE: FO) Subsidiary Sued for Breach of Contract by Venture Capital Firm
Fighting Back: Little Guy Lawsuit Highlights - How Corporation Disregards Confidentiality Agreements with Small Inventors
(Overland Park, KAN.) - Millennium Marketing Group, Ltd., an intellectual property brokerage and venture capital firm, has filed a lawsuit against Simonton Building Products, Inc., a subsidiary of Fortune Brands, Inc. (NYSE: FO). The suit was filed in the District Court of Johnson County, Kansas, for failure to honor certain licensing and confidentiality agreements. The lawsuit also alleges that Simonton’s financial appearance was unfairly bolstered by using trade secrets and proprietary technology spawned by the client of Millennium Marketing Group, Ltd.
“This lawsuit spotlights Simonton’s disregard for the contractual safeguards in place to protect the little guy who has great ideas but gets eaten up by the corporate giants,” said Bruce Mayfield, legal counsel for Millennium Marketing Group, Ltd.
Simonton was recently acquired for over $600 million by corporate giant, Fortune Brands, Inc., where Simonton, an industry leader in vinyl window manufacturing, revealed in SEC required disclosures that it utilized significant intellectual property as part of the acquisition terms. Fortune Brands acquisition in 2006 expanded its Home & Hardware Division which generated more than $4.6 billion of the Company’s $8.7 billion in sales in 2006.
“If the $80 million dollar annual savings estimates of former Chairman of Simonton Sam Ross is correct as relating to Simonton’s use of this technology, then our clients are due substantial compensation in excess of tens of millions of dollars annually from industry-wide licensing,” said Scott Norman, President of Millennium Marketing Group, Ltd.
As reported recently in the Wall Street Journal, Fortune Brands, Chairman and CEO, Norman Wesley, received compensation valued to the company at $10.8 million for last year yet Millennium contends that it is a “business as usual” attitude in corporate America to disrespect the valuable contributions of the small entrepreneurs and inventors that make these compensation packages possible.
“My client only decided to pursue this lawsuit to protect the rights of his client who has been bullied and intimidated throughout this process,” Mr. Mayfield said, “My client acknowledges this is truly a David versus Goliath situation but my client has a mountain of evidence and as we all know David is victorious in the end.”
About Millennium Marketing Group, Ltd. (www.patentmovers.com)
An international intellectual property brokerage and venture capital firm dedicated to the marketing, funding, and commercialization of newly patented and patent-pending products and technologies, the Overland Park, Kansas, firm provides services and resources that are exclusively dedicated to product development and venture-funded license agreements. Millennium specializes in capturing market share and increasing revenue for its client/partners through the development of strategic partnerships.
For more information, contact:
Scott A. Norman, President, at (913) 317-9114, email: snorman@patentmovers.com
or visit: www.patentmovers.com