Vringo Inc. (VRNG), the patent licensing company run by CEO Andrew Perlman, said its new fliCharge unit, which is acquired as part of the $6.33 million in preferred stock acquisition of International Development Group, has reached an agreement to extend and expand a license agreement with Bretford Manufacturing.
The terms of the extended license were not disclosed. Shares of Vringo fell half a cent to 34 cents in early trading. They've traded between 32 cents and $1.14 over the past year.
New York-based Vringo has said that IDG’s subsidiaries -- Group Mobile and fliCharge generated more than $7 million in combined revenue in 2014. During a conference call with investors, Perlman said the bulk of that $7 million was produced by Group Mobile, while fliCharge’s revenue were “nascent.”
Vringo said the license with Bretford for fliCharge’s wire-free technology solutions dates back to March 2014. Vringo said the terms of the agreement have been altered such that Bretford will have an exclusive license to embed fliCharge’s wire-free charging solutions into furniture in markets including healthcare, commercial office, retail and educational facilities as well as contract furniture manufacturing. fliCharge intends to facilitate the launch by providing charging cases for phones and tablets to Bretford and its customers.
Bretford will be presenting the first commercially available implementation of this technology at NeoCon, North America’s largest design exposition and conference focused on commercial interiors, in June of 2016.
“fliCharge’s conductive wire-free technology addresses a major need of our education, healthcare, office and retail facilities customers – the need to easily and safely charge many devices without the clutter of cables and the difficulty of charging docks or stations. We intend to integrate this unique technology into our smart furniture and look forward to building upon our relationship with fliCharge and Vringo,” said Chris Petrick, CEO of Bretford in a statement.
Perlman said in the statement Vringo is “delighted to have a partner like Bretford who is a leader in smart furniture. We look forward to commercial launches of our technology through this unique partnership in 2016.”
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