Soupman, Inc. Retains All Brand Rights as Court Settlement is Approved!
New York – March 4, 2014 – (OTCQB: SOUP) Soupman, Inc., parent company of The Original Soupman, is pleased to announce on February 28, 2014 that a U.S. federal court approved the settlement of a three-year litigation involving the purchase of the assets of Soup Kitchen International, Inc.. Under the terms of the settlement, Soupman, Inc. will continue to retain all rights to the brand, trade dress, intellectual property and assets including the famed Original Soupman® soups. The court case challenged the purchase price paid in December 2009 to acquire The Original Soupman assets from Soup Kitchen International, Inc.
“We are extremely gratified that this protracted case, which we have always considered to be without merit, is now behind us,” said Lloyd Sugarman, CEO of Soupman, Inc., “We have been vindicated on the facts related to the purchase of the brand rights and assets of Original Soupman, and have agreed to contribute only $350,000 towards the settlement, which is less than the cost of the litigation itself.”
Tim Gannon, Chairman of the Board of Soupman, Inc. and co-founder of Outback Steakhouse, commented “With this case resolved I am thrilled that we can now focus our efforts on the business of selling the best- tasting soup in the world. I believe we have a very special brand and product in a category that is massive, mature and in need of innovation”
In addition to the settlement, recent positive news about the company includes:
• The company has doubled its’ retail distribution and footprint of the Tetra Pak carton soups which are now available in a growing array of Walmart stores and supermarkets nationwide, including Safeway, H-E-B Supermarkets, Vons, A&P, Pathmark, The Fresh Market, Price Chopper, Tom Thumb, Randall’s, Pavilions, The Food Emporium, Super Fresh, Fairway, Harris Teeter, Stop & Shop, Giant Stores, Martin’s, Waldbaums, Walmart and more.
• Flavor expansion: The Company has also introduced three new unique varieties this season, Crab Corn Chowder, Chicken Gumbo and the Seinfeld favorite, Jambalaya! These join Soupman’s Lobster Bisque, Tomato Bisque, Lentil and Chicken Noodle soups on shelf in supermarket soup aisles across America next to Campbell’s and Progresso.
• Restaurant expansion. The Company has announced the opening of a new model – Soupman’s Famous New York Delicatessen & Restaurant – at Resorts Hotel Casino in Atlantic City last month. This full menu restaurant model featuring the World Famous Soupman soups is poised to open in casinos and airports throughout North America.
* Food trucks. The Soup Mobile joins the food truck revolution, one of the hottest trends in the culinary industry. The Soup Mobile will feature the famous soups, lobster rolls and pasta & bowls including Lobster Ravioli. The Company plans to have over 25 trucks on the road in 2014. This is one of the only national food brands available on food truck.
For more information on our programs and products go to www.originalsoupman.com
For information or to schedule an interview with management or our celebrity partners please contact Robert N. Bertrand, President and CFO at 212-768-7687