Unwired Planet Closes Lenovo Patent License and Purchase Transaction
Unwired Planet, Inc. (NASDAQ:UPIP) announced it has completed its patent license and purchase transaction with Lenovo, initially disclosed on March 20, 2014. The agreements called for $100 million upfront payment for both a pre-payment on the license and for the sale of 142 patents. Net proceeds to Unwired Planet, after payments to Ericsson, total $70 million.
Under the terms of the agreement, Lenovo is licensed to Unwired Planet's intellectual property portfolio for a number of years, covering standard essential, implementation, and application layer technology for mobile devices. Following the transaction, Unwired Planet's portfolio consists of approximately 2,500 issued and pending US and foreign patents.
The patent purchase consists of 21 patent families owned by Unwired Planet, including patents for 3G and LTE mobile technologies and other important mobility patents.
About Unwired Planet
Unwired Planet, Inc. (UPIP) is the inventor of the Mobile Internet and a premier intellectual property company focused exclusively on the mobile industry. The company's patent portfolio includes technologies that allow mobile devices to connect to the Internet and enable mobile communications. The portfolio spans 2G, 3G, and 4G technologies, as well as cloud-based mobile applications and services. Unwired Planet's portfolio includes patents related to key mobile technologies, including baseband mobile communications, mobile browsers, mobile advertising, push notification technology, maps and location based services, mobile application stores, social networking, mobile gaming, and mobile search. Unwired Planet is headquartered in Reno, Nevada. References in this release to Unwired Planet may be to Unwired Planet, Inc. or its subsidiaries.
Cautionary Note Regarding Forward Looking Statements
Any statements in this press release with respect to future events or expectations, including statements regarding the Company's licensing activities and expectations regarding enhancing shareholder value are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Unwired Planet assumes no obligation to update the forward-looking statements included in this press release. For a detailed discussion of these and other factors that may cause these forward looking statements not to come true, please refer to the risk factors discussed in Unwired Planet's filings with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2013. These documents are available at www.sec.gov or from Unwired Planet's website at www.unwiredplanet.com.
SOURCE: BUSINESS WIRE