RYE, N.Y., June 15, 2020 /PRNewswire/ -- Quest Patent Research Corporation (OTCQB: QPRC) ("Quest" or "Company"), an Intellectual Property asset monetization company, today announced entering into a patent license and settlement agreement with Panasonic Corporation ("Panasonic") (the "Agreement") in the M-RED Inc. ('M-RED') intellectual property portfolio. The Agreements resolve the parties' disputes, grants Panasonic a fully paid license to certain assets within the M-RED patent portfolio, and mutual covenants, among other terms, which are confidential.
The M-RED portfolio consists of 60 United States patents and 8 foreign patents, which cover technology generally related to semiconductor manufacture, integrated circuits, processors and power management. In July 2019, M-RED Inc. brought patent infringement suits in the U.S. District for the Eastern District of Texas against Panasonic. In April 2020, the Court issued an order granting the parties' Joint Motion to Stay All Deadlines and Notice of Settlement.
"We recognize Panasonic's commitment to superior consumer products and global brand. We are proud to have the intellectual property to support the complex needs of a company like Panasonic and are pleased to provide them with critical IP rights to continue innovating," Mr. Jon Scahill, CEO of Quest, commented. "As with all our portfolios it is our goal to work quickly and amicably to license our IP which is core to our business model and expertise."
About Quest Patent Research CorporationsQuest is an Intellectual Property ('IP') licensing and commercialization company. The Company acquires and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. Quest specializes in both mature and emerging technologies, delivering a suite of value add financial, strategic and legal resources to efficiently monetize IP throughout the full commercialization lifecycle.
Forward-Looking StatementsStatements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
SOURCE Quest Patent Research Corporation