BVR to supply EVA to European plane maker
BVR Systems will receive royalties on every plane that includes capabilities covered by its embedded virtual avionics patent.
Shiri Habib 9 Jan 07 12:31
BVR Systems (1998) Ltd. (Bulletin Board:BVRSF.OB) has granted a European aircraft manufacturer a worldwide, royalty bearing, non-transferable, non exclusive license to the company’s embedded virtual avionics (EVA) patent. BVR will receive royalties on every plane that includes capabilities covered by the patent. The company did not disclose the name of the manufacturer.
BVR’s EVA is protected by both US and EU patents as an “airborne avionics simulator system”, which was invented by BVR Systems chairman Aviv Tzidon and Menachem Folk. It recently won the Frost & Sullivan award for entrepreneurial company of the year in the market of military training and simulation, an award that reflected Frost & Sullivan’s recognition of the potential of BVR's EVA solution.
The company makes flight simulators and training and debriefing systems. It has a market cap of $22 million. The company’s products are sold to the armed forces of many countries, including the US, Israel, India, South Korea, and in Europe.
Published by Globes [online], Israel business news - www.globes.co.il - on January 9, 2007
