HATBORO, Pa., June 15 /PRNewswire-FirstCall/ -- InfoLogix, Inc. (Nasdaq: IFLG), a leading technology provider of enterprise mobility solutions for the healthcare and commercial industries, announced today that as part of the periodic maintenance and review of its intellectual property portfolio, the Company has agreed for Intellectual Ventures Fund 68 LLC to acquire InfoLogix's U.S. and South Korean patents on Touch Screen Systems and Methods, for $2.2 million.
On June 8, 2010, InfoLogix entered into a patent purchase agreement to sell its U.S. patent entitled "Touch Screen Systems and Methods" and its corresponding South Korean patent to Intellectual Ventures Fund 68 LLC, a Nevada limited liability company, for $2.2 million. The Company expects the sale of the patents and assignment of related rights to close within the next 30 days, subject to the terms and conditions of the patent purchase agreement. Upon closing, the Company will be granted certain rights related to the patents and a license to continue to make, use and develop products covered by the patents.
Over the past decade, InfoLogix has cultivated a portfolio of intellectual property that includes 19 patents related to mobility, RFID, wearable computing and the healthcare supply chain. The Company routinely examines new patents for acquisition and reviews the patents and patent applications within its portfolio for their long-term strategic value to the company. As part of this process, the Company determined that it was in its best interests to sell the Touch Screen Systems and Methods patents to Intellectual Ventures Fund 68 LLC.
"In reviewing our portfolio, it became evident that these patents, although not related to our day-to-day business, had potential value and grown significantly from an technological point of view in the open market from when we first acquired them," said David Gulian, President and CEO of InfoLogix. "With the help of our partner The Sage Group, we investigated the various opportunities to maximize their value, such as the pursuit of a licensing or enforcement strategy. We determined that the most effective means for InfoLogix to monetize the Touch Screen Systems and Methods patents was to sell them to Intellectual Ventures Fund 68 LLC. We are attempting to monetize other patents in our portfolio through licensing programs."
"We are proud that The Sage Group IP Path to Value(SM) facilitated InfoLogix in monetizing these patents and that our relationship continues to bring InfoLogix success in determining effective and cost efficient ways to achieve the maximum value from its IP portfolio. The expertise and follow-through of Intellectual Ventures has been instrumental in making this transaction occur in a timely manner," said Tom Miller, Partner at The Sage Group and a board member of InfoLogix.
About InfoLogix, Inc.
InfoLogix is a leading provider of enterprise mobility solutions for the healthcare and commercial industries. InfoLogix uses the industry's most advanced technologies to increase the efficiency, accuracy, and transparency of complex business and clinical processes. With 19 issued patents, InfoLogix provides mobile managed solutions, on-demand software applications, mobile infrastructure products, and strategic consulting services to over 2,000 clients in North America including Kraft Foods, Merck and Company, General Electric, Kaiser Permanente, MultiCare Health System and Stanford School of Medicine. InfoLogix is a publicly-traded company (Nasdaq: IFLG). For more information visit www.infologix.com
About The Sage Group
The Sage Group, of Bellevue, Washington assists businesses to identify and unlock strategic value reflected within the company's organization, programs, products and intellectual capital. Sage's Path to Value(SM) methodology focuses on working closely with a client's internal resources and the company's market ecosystem creating a path to achieve optimized value for their business. This is accomplished by defining, accelerating, and sustaining compelling corporate performance in the areas of intellectual property, financial, market and organization performance. For more information visit www.the-sage-group.com
InfoLogix makes forward-looking statements in this press release which represent our expectations or beliefs about future events and financial performance. Forward-looking statements are identifiable by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, including the risks described in Amendment No. 1 to our Annual Report on Form 10-K for the year ended December 31, 2009, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, and other filings we make with the Securities and Exchange Commission. In addition, actual results could differ materially from those suggested by the forward-looking statements, and therefore you should not place undue reliance on the forward-looking statements. We do not make any commitment to revise or update any forward-looking statements to reflect events or circumstances occurring or existing after the date of any forward-looking statement is made.
John A. Roberts
Chief Financial Officer
SOURCE InfoLogix, Inc.