Vringo Purchases Over 500 Wireless Related Patents From NokiaAugust 9, 2012 No Comments
Vringo has just purchased over 500 wireless related patents from Nokia. The terms aren’t crystal clear yet but it is said that not only does Nokia keep the right to use said patents for no extra charge but they get a chunk of cash back from any money that Vringo makes from the patents.
Vringo and Nokia Execute Patent Purchase Agreement
Vringo to Acquire Over 500 Patents and Applications from Nokia
NEW YORK–(BUSINESS WIRE)–Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today announced that it had entered into a Patent Purchase Agreement with Nokia Corporation pursuant to which Nokia agreed to sell Vringo a portfolio consisting of over 500 patents and patent applications worldwide, including 109 issued United States patents. Vringo agreed to compensate Nokia with a cash payment and certain ongoing rights in revenues generated from the patent portfolio.
The portfolio encompasses a broad range of technologies relating to cellular infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services.
Thirty one of the 124 patent families acquired have been declared essential by Nokia to wireless communications standards. Standards represented in the portfolio are commonly known as 2G, 2.5G, 3G and 4G and related technologies and include GSM, WCDMA, T63, T64, DECT, IETF, LTE, SAE, and OMA.
Further details are included in a Form 8-K to be filed by Vringo with the United States Securities and Exchange Commission.
For more information, visit: www.vringoIP.com.