XpresSpa Group Inc (XSPA)

[michelinvests]

FORM Holdings Corp. (the Company)

entered into a Confidential Settlement and Patent Assignment Agreement (the Settlement Agreement) with Nokia Corporation (Nokia), pursuant to which the parties agreed to resolve in full the total royalties payable and certain other disputed amounts payable pursuant to the Confidential Purchase and Sale Agreement (the Purchase Agreement) dated as of August 9, 2012 between the Company and Nokia. The foregoing description of the Purchase Agreement is not complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, which was filed as Exhibit 10.1 to the Companys Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2012.

Und er the terms of the Settlement Agreement, the Company agreed to pay to Nokia an aggregate sum of $2,100,000 in royalty payments in fulfillment of all outstanding amounts due to Nokia. TheCompany will retain selected patents that will no longer be subject to any royalty payments to Nokia. In addition, the Company assigned to Nokia certain rights related to certain patents purchased pursuant to the Purchase Agreement. The Company had previously accrued liabilities on its financial statements equal to $3,850,000 related to amounts payable pursuant to the Purchase Agreement. The Company anticipates that the transaction will result in an increase of stockholders equity in excess of $500,000.



http://www.conferencecalltranscripts.org/8/summary/?id=3303829