Opening Bid Received in No Reserve Auction of Unique Modular Hand-to-Work Quick Release Tool System Technology
Earlier today Ocean Tomo announced the receipt of the opening bid in the no reserve auction for the first complete automatic hand-to-work locking and quick release modular tool system technology. After many years of investment and development of this technology, it will sell on November 1, 2018 to the highest bidder at midnight PST.
The portfolio includes worldwide patents, complete production engineering drawings and specifications as well as registered trademarks and trade names related to all automatic hand-to-work pin locking and quick release mechanics’ hand and power tools. The portfolio, comprised of more than 30 issued patents and patent applications related to the hand-to-work system technologies, covers various aspects of key consuming and manufacturing locations, including: the US, Mexico, China, South Korea, Japan, Taiwan, Great Britain, Germany, India, Hong Kong, Russia, South Africa, Indonesia, Brazil and others.
The technologies originated with Peter M. Roberts, inventor of the Quick Release for Ratchet Wrenches, who after a 20-year dispute over the wrench technology settled out of court with Sears for an undisclosed amount. Mr. Roberts’ and other inventors’ locking and quick release tool system technologies offered include a powerful diagonal pin locking mechanism.
The technologies provide the benefit of automatic hand-to-work locking of all mechanics’ hand and power tools and combinations (including standard sockets) along with quick release at every tool connection (not just ratchets). The result is a modular tool system that provides valuable productivity and safety advantages to mechanics’ hand tools and power tools.
With the opening bid now received in this no-reserve auction, the Ocean Tomo private auction will conclude with the sale of the portfolio on November 1, 2018. For further information on the portfolio or bidding instructions, please contact Dean@OTI.com or +1 251 333 8627.