A Utah-based investor group called Lifestyle Crafts, LLC, has announced that it has entered into an agreement to buy the assets of QuicKutz, Inc.
Lifestyle Crafts, LLC. is a newly founded investor group described by the company as being made up of investors “with years of experience in manufacturing and distributing crafting goods and tools.” Its registered address is in Lindon, Utah. Principals of the company include Stephen Stewart TRUST of Farmington, UT; Daniel S. Stewart of Farmington, UT; and Hsin I. Shih of Taipei.
Both the QuicKutz and L brands will become part of Lifestyle Crafts under the terms of the asset purchase agreement.
“We’re thrilled to acquire these established brands, which have a rich history in providing the crafting market with fun and innovative products. We see a great future for both brands,” said Dan Stewart, Lifestyle Crafts CEO.
Former QuicKutz, Inc. President & CEO Eric J. Ruff says he feels positive about the future for the brands he helped create:
These brands are in good hands now, with many more resources to provide product to a growing customer base. Though I will miss my association with the company, I’m excited to see these brands thrive under new ownership.
In possibly related news, Quickutz’s attorneys in the patent violation lawsuit filed against them by Spellbinders filed a request with the court on June 11th (with the approval of QuicKutz President Eric Ruff) asking to be released from their duties in the case. The court approved the motion on June 14th and released the attorneys, leaving QuicKutz currently without counsel of record in the case since no new counsel for them has filed to be recognized by the court.
The sale of QuicKutz’s assets will likely drastically change the course of the Spellbinders patent violation lawsuit. The lawsuit is asking for several key things:
- Stopping QuicKutz from manufacturing, promoting, and selling the allegedly infringing products
- Damages for past infringement
- The seizure & destruction, or turning over to Spellbinders, of infringing product inventory
QuicKutz will no longer be the legal entity that will be selling the allegedly infringing products, and with their product inventory presumably one of the assets that they sold, that is gone too from the reach of the current lawsuit. The only thing it appears might remain within the reach of the lawsuit as it currently stands against entity QuicKutz is damages for alleged past infringement by that entity.
QuicKutz recently released its first new product introduction in quite some time, but the company is not scheduled to exhibit at CHA Summer 2010.