Framework for Mattress Firm Partnership and Confirmation of Purple’s Patents
, /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 …