ANNAPOLIS, Md., Dec. 27, 2012 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, and IP Cube Partners Co. Ltd of South Korea, today announced that TCS has sold two of its U.S. patents to IP Cube Partners for a multi-seven-figure payment. The two patents are: "Single Gesture Map Navigation Graphical User Interface for a Personal Digital Assistant" (U.S. Patent No. 7,142,205) and "Single Gesture Map Navigation Graphical User Interface for a Thin Client" (U.S. Patent No. 7,439,969). The patents involve the use of a stylus for navigating a map application on a hand-held device, such as a personal digital assistant or smartphone.
"IP Cube Partners is one of South Korea's leading intellectual property companies, and the sale of these two patents represents a next step in our program of monetizing the company's growing IP (intellectual property) portfolio," said Maurice B. Tose, TCS chairman, CEO and president. "TCS' IP monetization efforts are not limited to patent sales – we are also pursuing direct licensing, represented licensing/enforcement and direct enforcement of our intellectual property as best suited to the situations."
"Companies around the world are recognizing the value of patent licensing, sales and partnership opportunities in core and non-core business areas. With a portfolio of 200+ patents and other intellectual property, TCS has tremendous potential for enabling other companies to take advantage of our leading-edge technology," said Bob Held, TCS senior director of intellectual asset management.
With more than 15 years of investing in innovations for public safety, mobile location, messaging and the wireless communication fields, TCS has created an impressive intellectual property portfolio. In calendar year 2012, TCS was issued 52 U.S. patents, which brings the total number of patents issued worldwide to date to 271; TCS also filed 86 U.S. patents, with more than 380 patent applications pending worldwide.
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS' cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS' current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Specifically, the statement that, "this alliance will enable us to efficiently optimize our return on the company's investment in these patents" is a forward-looking statement. Risks include without limitation the possibility that no licensing revenues will result from these efforts, and those detailed from time to time in the Company's SEC reports, including the reports on Form 10-K for the year ended December 31, 2011 and on Form 10-Q for the quarter ended September 30, 2012.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE TeleCommunication Systems, Inc.