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
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.
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.
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
accepts responsibility for the adequacy or accuracy of this release.
SOURCE ISEEMEDIA INC.
For further information: For further information:
David Berman, CFO, iseemedia Inc.