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Mark Cuban Relinquishes Hold On Hoverboard Patent

13 November 2015, 6:37 pm EST By J.E. Reich Tech Times
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Three months after purchasing an exclusive patent for a hoverboard design, billionaire Mark Cuban is backing off — with plans to design his own line and launch an IP of his own.  ( Hovertrax )

Slightly under three months after purchasing a license for a highly-sought hoverboard patent (as well as legal rights against presumed possible infringers), American investor and personality Mark Cuban has announced plans to create his own original floating board craft, relinquishing his patent hold.

In an email sent to BuzzFeed News, Cuban confided that he has renounced his partnership with Shane Chen, the inventor of the Hovertrax (and in turn, the patent), planning on coming out with his own IP.

"We will come out with our own board that we feel respects necessary IP and introduces our own," Cuban declared in an email to BuzzFeed News. 

Back in August, the billionaire teamed up with Chen for legal proceedings against John Soibatian, the president of IO Hawk, who allegedly used Chen's design for the Hovertrax, a two-wheeled scooter, for Soibatian's own IO Hawk's line. After a photo of Soibatian flashing one of his boards with a member of the Dallas Mavericks was tweeted from the IO Hawk account, which included a direct message to the entrepreneur, Cuban fired back with, "I'll just see you in court. We will let the judge decide. #payme"

 

Chen has not commented on the lawsuit, Cuban's announcement or the break in their partnership, though reports of Hovertrax-related accidents have not seemed to help matters for the inventor. 

Via: BuzzFeed

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