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Loose change. (Whispers).

Peak Capital Group LLC of Little Rock said it had a deal with the United Stated Mint to design, create and promote coin tube preservation albums for the commemorative state quarter series.

Everything was going great until it contacted Napco Inc. of North Carolina, according to Peak's lawsuit filed in U.S. District Court.

Peak said it contacted Napco in August as a potential manufacturer of the coin products since its items were going to be sold in banks, coin shops and other stores across the country.

Peak officials said it met with Napco President James Rockland "Rocky" Proffit, who verbally agreed to a confidentially agreement but never signed a contract.

Then last month, Peak said Napco called the Mint and said it had the patent rights to Peak's products and wanted a separate licensing agreement. Mint officials backed off, saying they wouldn't conduct business with either company until the dispute was settled.

Peak said it wants a judge to rule that it is the only company that owns the rights to the Peak Coin Products. It is also suing for unspecified amount of damages.

Rick Proffit, vice president of manufacturing for Napco, declined to comment.
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Title Annotation:Peak Capital Group sues Napco Inc.
Comment:Loose change. (Whispers).(Peak Capital Group sues Napco Inc.)
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1U7AR
Date:Jun 16, 2003
Words:196
Previous Article:Open wound. (Whispers).
Next Article:Feed the meter. (Whispers).
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