VocalTec Signs Agreement to Sell 4 of Its 11 Patents for $7 Million
VocalTec Communications Ltd. (NasdaqCM: VOCL), a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers, announced today that it has signed an agreement for the sale of certain patents to Masinolli Fund Limited Liability Company.
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Pursuant to the agreement, VocalTec will sell four patents and certain patent-related rights, out of the Company’s current portfolio of 11 patents, for the aggregate price of approximately $7 million. The patents to be sold consist of three US patents and one Israeli patent. Consummation of the transaction is subject to certain conditions, including approval of the Office of the Chief Scientist of the Israeli Ministry of Industry, Trade and Labor (OCS). The transaction related expenses will include mainly brokerage fees and other amounts to be determined. Upon consummation of the transaction, VocalTec will be granted a worldwide unlimited non-exclusive license to use the sold patents and patent-related rights in connection with the development and marketing of its products. IPinvestments Group is acting as VocalTec’s broker in this transaction.
Ido Gur, VocalTec’s Chief Executive Officer, commented, “We are happy to have entered into an agreement with Masinolli Fund Limited Liability Company that demonstrates the value attributed to VocalTec’s technology and solutions. Upon consummation of the transaction, the sale consideration will allow us to further increase our product development as well as expand our sales and marketing efforts in line with our strategic objectives.” Mr. Gur added, “The sale of these patents, similarly to the sale of other patents earlier this year, has no effect on our current and future product development. This transaction enables us to maximize the value of the sold patents for our shareholders and will result in a stronger balance sheet, which we believe will assist us in realizing the great potential of our VoIP solutions in the market.”
Upon completion of the sale of the four patents, VocalTec will retain a patent portfolio comprising seven additional patents as well as several trademarks, including the “Internet Phone” trademark and Internet domain name.
About VocalTec
VocalTec Communications (NasdaqCM: VOCL) is a global provider of carrier-class multimedia and voice-over-IP solutions for communication service providers. A pioneer in VoIP technology since 1994, VocalTec provides proven trunking, peering and residential/enterprise VoIP application solutions that enable flexible deployment of next-generation networks (NGNs). Partnering with prominent system integrators and equipment manufacturers, VocalTec serves an installed base of dozens of leading carriers including Deutsche Telekom and Telecom Italia San Marino. VocalTec is led by a management team comprised of respected industry veterans.