- Wholly owned subsidiary Mariner IC Inc. completes another successful licensing campaign around its Anchor Structure Portfolio
- Patent Licensing Revenues for the nine-months ended September 30, 2019 were approximately $2 million
- The company remains active in monetizing its existing portfolio as well as evaluating potential acquisitions
- QPRC trades on the OTCQB, offering investors an exciting opportunity to participate in the IP monetization space
The Anchor Structure Portfolio, acquired by company Quest Patent Research Corp. (OTCQB: QPRC) from Intellectual Ventures in October 2015 and transferred to wholly owned subsidiary, Mariner IC Inc., consists of two United States patents which relate to technology for incorporating metal structures in the corners and edges of semiconductor dies to prevent cracking from stresses.
Following the execution of funding agreements and the engagement of counsel, in 2016, Mariner IC brought patent infringement suits in the United States District Court for the Eastern District of Texas against MediaTek Inc., Texas Instruments Incorporated, LG Electronics Inc., Toshiba Corporation. Those cases were resolved in 2017, generating licensing fees of approximately $1.2 million.
In 2018, Mariner IC brought patent infringement suits in the United States District Court for the Eastern District of Texas against Sharp Corporation, AsusTek Computer Inc., TiVo Corporation and Huawei Device Co., Ltd et. al. As of September 30, 2019, the action against Huawei is currently stayed pending settlement and the actions against TiVo, AsusTek and Sharp were dismissed. Revenues for the period ended September 30, 2019, which were approximately $2 million according to the Company’s most recent quarterly report (http://ibn.fm/3gvxA), includes the revenue from these cases.
“IP monetization poses significant risks. Not only do you have to prove infringement, but a defendant can raise up to 27 patent defenses, any one of which can be case dispositive if successful. Our assets have to survive quite a gauntlet. The success of the Mariner campaigns certainly demonstrates management’s ability to identify, acquire and monetize valuable intellectual property,” Quest CEO Jon Scahill stated in a news release. “IP monetization is complex, costly and takes time to realize. We constantly evaluate ways to mitigate risk, reduce cost and accelerate the timing of our licensing efforts. Management has a clear vision for building long-term value centered around monetizing our existing portfolio as well as continuing to expand our portfolio of valuable IP. The objective is to replicate, many times over, the success shown by the Mariner campaigns.”
The Company has been extremely active in harvesting its existing portfolio of IP assets. Through the end of the third quarter, Quest has partially or fully resolved 8 cases with an additional 7 cases successfully stayed pending settlement.
Quest announced its listing on the OTCQB index in May as part of its growth efforts and plans to continually build financing and revenue sources (http://ibn.fm/ItqLX). The company’s annual revenues have grown from around $200,000 in 2015 to $7 million in patent licensing fees last year.
For more information, visit the company’s website at www.QPRC.com
NOTE TO INVESTORS: The latest news and updates relating to QPRC are available in the company’s newsroom at http://ibn.fm/QPRC