XpresSpa Group Inc (XSPA)

[postyle]

I think the UPIP deal is another confirmation of how Telecom deals with small NPEs can be very rewarding to both companies.

The UPIP/ERIC partnership is structured similarly to the VRNG/NOK partnership in that both parties share in future patent licensing royalties. We saw how this fragmentation worked previously with Nokia/ Microsoft and (now privately held) Mosiad.

I like the VRNG deal better, in terms of structure. And I think VRNG's patents (acquired through ) Nokia are stronger and deeper than UPIP's patents... however, I do like that ERIC will continue to give patents to UPIP going forward and I am happy for UPIP being able to generate so much money.