TeleCommunication Systems and Patent Monetization Associates, L.P. Sign Patent Agreement
Note: Comtech Acquired TCS on 2/23/2016
ANNAPOLIS, Md. and JUPITER, Fla., March 17, 2014 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, and Patent Monetization Associates, L.P. (PMA), today announced that TCS and PMA have signed an agreement as part of TCS' Patent Monetization Program, whereby PMA has acquired certain patents from TCS' messaging patent portfolio. This agreement positions TCS to receive future royalties.
TCS' messaging technology is the result of more than 15 years of investment. As a global messaging leader, TCS' innovations in messaging have enabled millions of devices across a broad range of solutions, including public safety, enterprise, consumer and government.
TCS holds a substantial intellectual property portfolio in key areas such as mobile location, messaging, public safety, GIS/mapping, secure communications and related wireless communication innovations.
In 2013, 64 U.S. patents were filed and 44 U.S. patents were added to the company's IP portfolio. There are now nearly 30 monetization projects under way at various stages of execution, leveraging portions of TCS' portfolio of over 340 patents.
TCS Chairman and CEO Maurice B. Tose said: "TCS is pleased to announce this new relationship as part of TCS' Patent Monetization Program designed to leverage our IP in the market and return value to TCS. Bob Westerlund of PMA has more than 34 years of experience in the field of IP, and has architected and implemented numerous highly successful patent licensing programs that have resulted in more than $2.5 billion in royalty revenues."
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market-leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services, providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS' cybersecurity expertise, professional services and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
TCS Safe Harbor Information Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS' current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that no licensing revenues will result from these efforts, and those detailed from time to time in the Company's SEC reports, including the Annual Report on Form 10-K for the year ended December 31, 2013.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
Media Contact for Comtech Telecommunications Corp.:
Michael D. Porcelain, Senior Vice President and Chief Financial Officer
(631) 962-7103 Info@comtechtel.com