Canada's iseemedia strikes patent partnership

  • iseemedia strengthens balance sheet with $1.235 million upfront payment and long-term royalties

TORONTO, June 17 /CNW/ - iseemedia Inc. (TSX-V: IEE), a leading provider of messaging and content handling technology that enables mobile devices to be experienced like media-rich desktops, today announced a commercialization agreement with a third-party company. The deal provides the Company a US $1,235,000 upfront payment and a long-term royalty stream commitment.

The agreement involves the sale of three non-core patents from iseemedia that complete the US partner's key portfolio in wireless imaging. The iseemedia patents include:

  • First filed October 5, 2004 and granted May 5, 2009 US Patent No. US 7,529,552 B2 which claims a method for interacting with imagery on a cellular phone, including rendering an image on a display for a cellular phone, detecting that a user has selected an active area of the display using an input device for the cellular phone, and automatically activating a function of the cellular phone corresponding to the active area of the display. A system and a computer readable storage medium are also described and claimed.
  • First filed October 5, 2004, US Patent No. 7,667,862 granted February 23, 2010 and US Patent No. 7,672,002 granted March 2, 2010, are core enabling patents for streaming of vector graphics that reference raster images for interactive viewing on a mobile device. Patent No. 7,667,862 relates to use of image tags and Patent No. 7,672,002 relates to use of Scalable Vector Graphics group elements. The method and system of this invention can be implemented using a variety of software and hardware architectures, including inter-alias server-side rendering and client-side rendering, and is particularly advantageous for efficiently streaming images to wireless devices.

"Our patent partnership plays squarely into the rich experience trend on handheld devices which is forcing wireless operators, content providers and developers to deliver a premium experience with efficient bandwidth consumption on all mobile platforms," said Anthony DeCristofaro, President and CEO, iseemedia. "We are pleased to have partnered with a formidable intellectual property player that is capable of monetizing the total global opportunity for our technology. As a result, we have achieved a double benefit by strengthening our balance sheet while exploiting the immediate embedded value in our substantial IP portfolio."

iseemedia maintains a sizeable portfolio of intellectual property in mobile applications and expects to add four additional document streaming patents this year to its already-strong IP family which were applied for in 2004/2005 and related to its core content delivery platform now being licensed by the Company to wireless providers and content developers.

The Company is also pleased to announce that it has entered into a Consulting Services Agreement with EQ2IQ Consulting Services Limited (the "Consultant") to complete new material business contracts in the coming year. In accordance with the terms of the Consulting Services Agreement, among other things, the Company issued 700,000 common shares to the Consultant to be held in escrow by the Company and only paid out as follows: (i) 350,000 shares for each of the first two material, revenue generating, strategic contracts; and (ii) any remaining shares upon the completion of a sale of the Company, a sale of a controlling interest in the Company or a sale of the Company's iseemail business division. The term of the Consulting Services Agreement is 12 months. Any unearned shares would then be returned to treasury.

About iseemedia

iseemedia Inc. is a software development company focused on the commercialization of a Service Delivery Platform (iseemail™) for delivering Blackberry-like email services to the mass market and an advanced Content Delivery Platform (iseedocs™) for rich media adaptation and extremely cost-efficient delivery to mobile devices. The Company maintains a broad portfolio of issued and pending patents that cover content authoring, streaming and interactive viewing on mobile devices. iseemedia is publicly traded in Toronto (Symbol: IEE.V).

© 2010 iseemedia Inc. All rights reserved. iseemedia, iseemail and iseedocs are either Registered Trademarks or Trademarks of iseemedia Inc. in the United States and or Canada.

Forward-Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iseemedia's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect iseemedia's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Filing Statement filed on March 31, 2009 with the regulatory authorities. iseemedia assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

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.

SOURCE ISEEMEDIA INC.

For further information: For further information:

David Berman, CFO, iseemedia Inc.

Tel: 905-761-5293

davidb@iseemedia.com

Organization Profile

ISEEMEDIA INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890