$REVO announced that it had been searching for companies that have infringed on its intellectual property, and have identified the first group of companies that have violated their patents. The Company plans to legally pursue those companies to recover the royalties and licensing fees that are due to $REVO.
On February 12, 2014, $REVO announced that it signed an agreement with a company that acquired an exclusive global license from $REVO to commercialize REVO's online patented wireless mobile security alarm services system. $REVO projects that the transaction could generate an estimated $20 to $30 million in long-term revenues for the Company through residual and ongoing licensing fees and royalties. Under the terms of the agreement, the Licensee will bear all legal costs to prosecute and defend the patents in any infringement actions.
Patent infringement is a legal determination that another company, person or entity committed a prohibited act in violation of the rights and claims of the owner of the patented invention. $REVO asserts that there are many companies, manufactures and distributers that have violated one or more of its patents.
