CigArrest Maker, Distributor Settle
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LAGUNA HILLS — Advantage Life Products Inc., the distributor of CigArrest stop-smoking products, and More Direct Health Products said Monday that they have agreed to settle litigation between the two companies.
The settlement agreement grants Advantage Life distribution rights “in perpetuity” for the CigArrest line of anti-smoking products, which are manufactured by Carlsbad-based More Direct. It also provides that Advantage Life will issue to the Carlsbad firm warrants to purchase 400,000 shares of Advantage Life common stock at its June 12 closing price.
In addition, the agreement stipulates that Advantage Life will increase its annual purchases of CigArrest products from More Direct by 15% a year after 1995. Also, More Direct President John Bancroft will be nominated to Advantage Life’s board of directors at the company’s annual meeting on Friday.
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