SOURCE: Allied Security Trust I

Allied Security Trust I

December 03, 2013 08:00 ET

Bridge Crossing LLC Announces Sale of Patents Purchased From MIPS Technologies

LAMBERTVILLE, NJ--(Marketwired - Dec 3, 2013) - Allied Security Trust (AST) announced today that Bridge Crossing LLC, a company affiliated with AST, will sell the patents and patent applications it purchased on February 7, 2013 from MIPS Technologies, Inc. AST operates under a "catch and release" model that is unique among defensive patent organizations. AST purchases patents for defensive purposes using funds contributed by interested members, grants the necessary licenses to those members to ensure their freedom of operation, and then returns the patents to the marketplace for sale. Consistent with the procedures followed by AST, sale proceeds are returned to only those AST members that funded the purchase, thereby reducing the cost of the license they obtained in the assets.

"We paid $350 million to purchase these patents together with rights to patents retained by MIPS Technologies," said Dan McCurdy, CEO of AST and Bridge Crossing. "We believe there will be many other companies worldwide that will have an interest in the patents owned by Bridge Crossing. Because the portfolio was widely shopped and considered by many companies when it was originally sold by MIPS, we have decided that we will make the patents available in an efficient sales process that will conclude with a closing of the transaction on or before January 31, 2014," continued McCurdy.

The patents being offered for sale cover technologies including processor architecture, power management, electronic design architecture, network hardware, testing, and other technologies. The portfolio contains more than 400 patent assets, a full list of which is available to registered bidders in the electronic data room.

The portfolio will be sold during a live telephonic auction to be held at 11:00 am EST on January 21, 2014. The portfolio will be sold to the highest bidder, with no minimum bid or reserve. Interested bidders must register (which will include acceptance of a non-disclosure agreement) by January 14, 2014, and the successful bidder will be required to close on or before 5:00pm EST January 31, 2014. To register, interested bidders should contact Linda Biel, Senior Vice President Business Development, AST at lbiel@ast1.com. She will provide four documents (i) a registration form; (ii) a copy of a Non-Disclosure Agreement which must be executed to bid and to gain access to the electronic data room; (iii) the Terms of the auction; and (iv) the form of the Patent Sale Agreement that will be used for the sale. 

About Allied Security Trust
AST (www.alliedsecuritytrust.com) is a member-owned Delaware Statutory Trust that identifies and analyzes high-technology patents being sold on the market, circulates those to its members and combines funds of interested member companies to purchase patents. It then sells the patents subject to licenses granted to those members, with the proceeds returned to the members that funded the purchase. To date, it has invested over US $400M to purchase over 1600 patents.

Contact Information

  • Contacts:
    Daniel P. McCurdy
    CEO
    Allied Security Trust I
    774-538-9293 (global)
    267-224-4466 (fax)
    Email Contact

    Linda K. Biel
    Senior Vice President, Business Development
    Allied Security Trust I
    1-212-362-5870 (office)
    1-512-695-2027 (mobile)
    Email Contact