Framework for Mattress Firm Partnership and
Confirmation of Purple's Patents
LEHI,
Utah, March 12, 2024 /PRNewswire/ -- Purple
Innovation, Inc. (NASDAQ: PRPL) ("Purple" or the "Company"), a
comfort innovation company known for creating the "World's First No
Pressure® Mattress," today announced that it has entered into a
settlement agreement with Tempur Sealy International, Inc. ("Tempur
Sealy"). The parties have agreed to a post-acquisition framework
for Purple's partnership with Mattress Firm Inc. ("Mattress Firm"),
the nation's largest mattress specialty retailer, subject to FTC
approval of TSI's acquisition of Mattress Firm, and amicably
resolved their various intellectual property disputes. Purple is
pleased to reaffirm its valid patent and trademark rights in and to
its proprietary Hyper-Elastic Polymer® gel material, the key
component in Purple's GelFlex® Grid.
If the FTC does not object to Tempur Sealy's acquisition of
Mattress Firm, Tempur Sealy agrees that Purple will retain its
current relationship with Mattress Firm for a minimum of twelve
months, versus the two-month commitment in place previously.
According to Rob DeMartini, CEO of
Purple Innovation:
"Mattress Firm is an important and respected partner. We believe
our Purple brand and products bring a high number of unique
consumers into Mattress Firm stores. We appreciate working on an
even playing field today and want to continue to work
collaboratively with Mattress Firm. This agreement will give
us time to explore expansion opportunities."
Purple and Tempur Sealy have also agreed to amicably
resolve all differences regarding their various intellectual
property disputes. Although the specific terms of the deal are
confidential, Purple retains all control and ownership over its
brand, its patented mattress technology and its Hyper-Elastic
Polymer and GelFlex Grid marks. That the parties were able to
resolve their differences is a strong signal to the
marketplace that Purple is an innovator in hybrid mattress
technology and deter future threats to Purple's business. DeMartini
adds:
"The marketplace's interest in gel technology recognizes the
strength of what makes Purple's unmatched sleep innovation
disruptive and cutting edge, and the best way of delivering deep,
uninterrupted sleep. We are pleased to focus on expanding Purple's
business and bringing the many benefits of our GelFlex Grid to more
customers."
About Purple
Purple is a digitally native vertical
brand with a mission to help people feel and live better through
innovative comfort solutions. Today Purple markets and sells its
products through direct-to-consumer online channels, traditional
retail partners, third-party online retailers, and Purple-owned
retail showrooms. Purple designs and manufactures a variety of
innovative, premium, branded comfort products, including
mattresses, pillows, cushions, frames, sheets and more. Its
products are the result of over 30 years of innovation and
investment in proprietary and patented comfort technologies and the
development of our own manufacturing processes. Our proprietary gel
technology, Hyper-Elastic Polymer®, underpins many of our comfort
products and provides a range of benefits that differentiate our
offerings from other competitors' products. For more information on
Purple, visit purple.com.
Investor Contact:
Brendon Frey, ICR
brendon.frey@icrinc.com
203-682-8200
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SOURCE Purple Innovation, Inc.