Marshall Phelps, an IPXI Holdings, LLC independent Board of Managers member, said: "IPXI's members and prospective market participants can now conduct business on the Exchange with the added confidence that IPXI is a vehicle for bringing transparency and efficiency into what has always been an opaque market. The new model that IPXI offers is a major breakthrough in the way that IP will be licensed on a non-exclusive basis." Phelps is widely known as a pioneer in the field of IP licensing, including implementing groundbreaking initiatives for two of the world's largest IP companies, Microsoft and IBM.The DOJ noted that, among other benefits of the IPXI model: "IPXI's proposed exchange potentially could generate efficiencies for the IP marketplace and encourage innovation through increased licensing efficiency, sublicense transferability, and greater transparency." In regard to increased licensing efficiency, the letter stated: "...IPXI has the potential to benefit both patent holders and users of technology with lower transaction costs and more efficient matching of licensors and licensees. The result may produce savings for downstream consumers." The BRL went on to address the benefits to licensees price transparency in the IPXI model: "By increasing price transparency, licensees may be able to manage their IP budgets with more precision and make efficient research and development decisions that lower overall costs." In addition, the letter indicated that if IPXI's model can facilitate and advance licensing based on "F/RAND" or "fair, reasonable and nondiscriminatory terms", "…it may generate significant efficiencies." The DOJ further noted certain potential benefits that IPXI can bring to the market when patents of more than one owner are offered together. Addressing this concept of Pooled Unit License Right™ (ULR™) contracts, the Department stated: "IPXI's platform for pooled ULRs has the potential to generate additional efficiencies by reducing the time and expense of acquiring and disseminating all the pooled patents to potential licensees, reducing the amount of stacked royalties, clearing blocking positions, and integrating technologies that are necessary to practice an industry standard or field of use."