In an effort to trim their un-used assets, Ottawa-based TrueContext Mobile Solutions Corporation has entered into an agreement to sell certain domestic and international non-core patents in return for one-time net proceeds of approximately US$570,000.
“TrueContext’s foundation is based on innovation and we have a powerful and proprietary patent portfolio. We have chosen to monetize a subset of non-core patents related to content distribution and management for mobile devices,” said Alvaro Pombo, TrueContext President and Chief Executive Officer. “We have improved our financial position and liquidity to continue focusing on growing our ProntoForms business. At the same time, we do not expect any impact on our day-to-day operations because we retain the ability to incorporate the sold technology into our current and future products.”
The purchaser of the patents is not related to TrueContext and will not be identified due to confidentiality restrictions.
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