ORLANDO, Fla. -- A retiree in Winter Park, Fla., with a unique invention lost thousands of dollars after trying to patent and sell his device, according to a Problem Solvers report.
Local 6 News featured Roy Bozeman, who developed an invention that feeds and stores up to 100 feet of electric cord. The invention was apparently perfect for yard work and perhaps to patent and sell, according to the report.
Bozeman paid for a preliminary drawing of the device and came up with a catchy name, The Cord Handler.
Bozeman paid nearly $10,000 to a company he saw advertised on cable TV -- PTI, Patent and Trademark Institute of America.
"They supposedly did a search," Bozeman said. "They called me by phone and said there's nothing out there like it and then they started the pressure bit.
"What did they tell you?" Local 6 News reporter Mike Holfeld asked Bozeman.
"Nothing in writing," Bozeman said. "They called me and said this is a 'go' and we like it."
Bozeman sent photos of his garage prototype along with a check for $595. The company claimed to have conducted a preliminary patent search.
Bozeman thought his dream was on the verge of making millions, according to the report. However, the idea did not go anywhere.
Former U.S. patent examiner Brian Steinberger said good ideas rarely translate into good money makers.
"Actually, a first time inventor won't even make their money back," Steinberger said.
"You won't even break even?" Holfeld asked.
"I'd say that's true, yes," Steinberger said.
Steinberger said companies like PTI tell people what they want to hear and leave the truth to the fine print.
Bozeman's fine print read "The portfolio does not provide patent protection or any legal or patent advice." And "no promise or guarantee that the inventor will receive any profits, success, results or financial gain."
Also, the disclosure information read that "if it isn't in the contract, verbal communications are null and void."
"They don't help that many people," Steinberger said.
PTI said that it lived up to their contract, Local 6 News reported.
An attorney is reviewing Bozeman's contract but it may just be an expensive lesson, according to the report.
Watch Local 6 News for more on this story.
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