Nokia Sells 500 Standard Essential Patents To Ringtone Company Vringo
As absurd as it may sound, Nokia has sold 500 patents and applications to Vringo, a ringtone maker. I know, I’ve been trying to make sense of it for the past few hours, but nothing, just nothing could I understand, apart from the fact that Nokia’s getting some cash for a while.
While Vringo’s buy includes patents standard essential ones like 2G, 3G, WCDMA and GSM, to name a few. Now, that’s a ringtone maker. And supposedly, Vringo won’t be able to license these to anyone for a period of 7 years, only use it for itself. Also, Nokia will continue to be able to use them, so this sale just doesn’t make much sense to me.
Here’s the full presser I got –
Vringo and Nokia Execute Patent Purchase Agreement
Vringo to Acquire Over 500 Patents and Applications from Nokia
NEW YORK–(BUSINESS WIRE)–Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today announced that it had entered into a Patent Purchase Agreement with Nokia Corporation pursuant to which Nokia agreed to sell Vringo a portfolio consisting of over 500 patents and patent applications worldwide, including 109 issued United States patents. Vringo agreed to compensate Nokia with a cash payment and certain ongoing rights in revenues generated from the patent portfolio.
The portfolio encompasses a broad range of technologies relating to cellular infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services.
Thirty one of the 124 patent families acquired have been declared essential by Nokia to wireless communications standards. Standards represented in the portfolio are commonly known as 2G, 2.5G, 3G and 4G and related technologies and include GSM, WCDMA, T63, T64, DECT, IETF, LTE, SAE, and OMA.
Further details are included in a Form 8-K to be filed by Vringo with the United States Securities and Exchange Commission.
For more information, visit: www.vringoIP.com.