CALGARY, ALBERTA--(Marketwire - Jan. 28, 2013) -
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Times Three Wireless Inc. (TSX VENTURE:TTW) ("Times Three" or the "Company") announced today that it has entered into an agreement to purchase a group of fundamental patents along with the right to further develop the portfolio by filing additional patents arising from ongoing research involving the underlying technologies.
Times Three's acquisition currently includes 3 patents issued and pending in the USA and Japan that cover a high-yield, cost-efficient and 'environmentally cleaner' process for the production of half-esters. Half-esters are valuable specialty chemicals used as essential building blocks to create a variety of widely used, high volume consumer and industrial products, including polyesters and other polymeric materials. These products are commonly utilized in diverse industries as agriculture, cosmetics, pharmaceuticals, electronics, metal working, and the food and beverage sector. The materials and products that could be implicated by these patents comprise a multi-billion dollar market annually in the USA alone. A major Japanese chemical producer has already licensed the technology underlying the patents for its operations in Japan.
Times Three intends to expand the size and scope of this portfolio by filing additional patent applications arising from ongoing research and innovation. The inventor was a nominee for the US Presidential Green Challenge Award for her leading work in this area and will continue to conduct research and development activities with the support of the Company. She is currently a faculty member at a major American university.
The terms of the governing agreements require the Company to make cash payments spread out over a 3-year period for consulting services and to pay to the inventor a minority percentage share of net licensing proceeds generated by Times Three. The specific terms of the agreement between the parties are confidential.
"We are very pleased to sign our first patent acquisition and IP development agreement with an inventor who is a leading scientist in her field - moreover we believe that this patent portfolio relates to a large and growing multi-B$ market for industrial chemicals and products", said William Middleton, Times Three's CEO, "This exciting partnership model supports past and ongoing research and innovation in a high-profile area of product development and permits Times Three to expand and diversify its high margin IP and patent licensing programs - in this way, it is truly a 'win-win' arrangement for both parties".
Mr. Middleton said that "The unique feature of our Times Three model is that we not only acquire the rights to license valuable patents but we assist the inventor and her colleagues to enhance existing technologies and to further innovate while we file and prosecute the resultant licensable patents - all at an affordable upfront cost to the Company". "This transaction is part of our ongoing commitment to our investors to develop and implement multiple licensing programs covering a variety of technologies and products in order to better leverage our resources and to create numerous revenue-producing opportunities for us and our partners", Middleton added.
About Times Three
Times Three, originally founded in 1995 as Cell-Loc Inc., is a technology innovation and licensing company based in Calgary with offices in Toronto, Austin and Dallas. It has a long history of innovation and successful product development in wireless location technologies and continues to build and license its portfolio of important patents and intellectual property in other areas.
The Company's proprietary narrow band location and telemetry technology has been successfully implemented and licensed to an operator of a 1500 square kilometer wireless network in Sß╛╢o Paolo, Brazil.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to growth of the Company's IP and patent licensing programs. With respect to forward-looking statements contained in this news release, Times Three has made assumptions regarding, among other things, the adoption of the Company's technology and the technology underlying other patents acquired by the Company. Although Times Three believes that the expectations reflected in the forward looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Times Three's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the other factors described in Times Three's public filings available in Canada at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this news release speak only as of the date of this news release. Except as expressly required by applicable securities laws, Times Three does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.