TrueContext Mobile Solutions Corp., an Ottawa, Ontario-based mobile data solutions company, has agreed to sell certain domestic and international non-core patents in return for one-time net proceeds of approximately US$570,000. The purchaser of the patents was not identified. The publicly listed TrueContext is a portfolio company of Canadian venture capital firms Skypoint Capital and Wesley Clover International Corp.
TrueContext Completes Sale of Non-Core Intellectual Property
OTTAWA, ONTARIO–(Marketwired – May 6, 2013) – TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) (“TrueContext” or the “Company”), a mobile data solutions company, today announced that it has entered into an agreement to sell certain domestic and international non-core patents in return for one-time net proceeds of approximately US$570,000.
“TrueContext’s foundation is based on innovation and we have a powerful and proprietary patent portfolio. We have chosen to monetize a subset of non-core patents related to content distribution and management for mobile devices,” said Alvaro Pombo, TrueContext President and Chief Executive Officer. “We have improved our financial position and liquidity to continue focusing on growing our ProntoForms business. At the same time, we do not expect any impact on our day-to-day operations because we retain the ability to incorporate the sold technology into our current and future products.”
The purchaser of the patents is not related to TrueContext and will not be identified due to confidentiality restrictions.
ABOUT PRONTOFORMS® AND TRUECONTEXT
ProntoForms is a mobile workflow solution used by 2,400 business customers. Available for smartphones and tablets, ProntoForms incorporates a mobile device App, a Web management portal to manage teams and data flow, and provides the ability to export or connect data to the back office or to popular cloud services.
TrueContext, traded on the TSXV under the symbol TMN, has a powerful and proprietary patent portfolio, from which the ProntoForms mobile App and Web reporting portal have been developed. ProntoForms is the registered trademark of TrueContext Corporation, a wholly-owned subsidiary of TrueContext.
Certain information in this press release may constitute forward-looking information, including information regarding the timing of receipt and recognition of revenues from the transaction described as well as the expected impacts of such transaction on the operations of the Company. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company.
Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
TrueContext Mobile Solutions Corporation
Chief Executive Officer
1 (613) 599-8288 ext. 1111
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