Marathon Patent Acquires International Patent Portfolio
LOS ANGELES, CA -- (Marketwired) -- 05/15/15 -- Marathon Patent Group, Inc. (NASDAQ: MARA) ("Marathon"), a patent licensing company, today announced that its wholly-owned subsidiary IP Liquidity Ventures, LLC has entered into a patent purchase agreement pursuant to which it acquired 43 patents related to Tire Pressure Monitoring Systems (TPMS).
Among the patents acquired, IP Liquidity Ventures, LLC purchased the German part of European patent number EP1309460 (DE 60142907.9) that is currently being asserted in a pending lawsuit in Germany against Schrader-Bridgeport International, Inc.; Schrader International, Inc.; Schrader Electronics Ltd.; Schrader Electronics, Inc. ("Schrader"). Terms of the purchase are confidential.
On June 12, 2014, a Final Judgment of infringement of EP '460 Patent was entered by the Munich District Court against Schrader. As part of the acquisition, IP Liquidity Ventures has gained the right to enforce an injunction against Schrader in Germany, which would prevent Schrader from making, selling using, or offering for sale any tire pressure monitoring systems that have been found to infringe the EP '460 patent.
Of note, a Final Judgment of infringement of EP '460 Patent was entered on June 12, 2014 by the Munich District Court against Schrader. As part of the acquisition, IP Liquidity Ventures has the ability and intends to enforce the injunction against Schrader in Germany, which would prevent Schrader from making, selling using, or offering for sale any tire pressure monitoring systems that have been found to infringe the EP '460 patent.
Doug Croxall, Founder & Chief Executive Officer of Marathon stated, "Core to our business is timely patent asset acquisition. The Munich District Court's Judgment of infringement of EP '460 Patent includes injunctive relief and damages, as well as the additional grant of claims for destruction of the infringing products and information on the distribution chain. It is our intention to take all necessary measures to start enforcement of the injunction against Schrader in Germany".
Croxall continued, "This transaction demonstrates that diversification within the patent asset class can also be measured by the stage of enforcement at which Marathon acquires the patent asset. The ability to enforce an injunction in Germany against Schrader, reduces risk, eliminates up-front expenses, and reduces the time to possible revenue. We anticipate the patent asset we acquired has the potential to contribute meaningfully to Marathon's revenues, earnings and continuing goal of creating shareholder value."
About Marathon Patent Group:
Marathon is a patent acquisition and monetization company. The Company acquires patents from a wide-range of patent holders from individual inventors to Fortune 500 companies. Marathon's strategy of acquiring patents that cover a wide-range of subject matter allows the Company to achieve diversity within its patent asset portfolio. Marathon generates revenue with its diversified portfolio through actively managed concurrent patent rights enforcement campaigns. This approach is expected to result in a long-term, diversified revenue stream. To learn more about Marathon Patent Group, visit www.marathonpg.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Marathon Patent Group
Source: Marathon Patent Group
Released May 15, 2015