Science & Technology
Science and Technology
Science and Technology
Tue, June 30, 2009
Mon, June 29, 2009
Counsel Corporation and C2 Global Technologies Inc.: C2 Global Technologies Licenses Korean Patents
TORONTO, ONTARIO--(Marketwire - June 29, 2009) - Counsel Corporation ("Counsel")(TSX:CXS) is pleased to announce that its 91%-owned subsidiary, C2 Global Technologies Inc. ("C2")(OTCBB:COBT), has entered into a license agreement for its Korean patents covering Voice over Internet Protocol ("VoIP") technology.
The license covers C2's two existing patents in the Republic of Korea and any patents that issue from those patents. The license represents a breakthrough as it is the first license that C2 has negotiated for its foreign patents. C2 also holds VoIP patents in Australia, Canada, China and Europe and intends to pursue licenses in those jurisdictions.
In addition to an initial upfront payment, C2 will receive 50 per cent of the net proceeds from the enforcement of the patents, whether by sub-licensing or litigation, during the term of the agreement. Beginning in the third year of the agreement, C2 is entitled to receive predetermined minimum amounts. Additional payments are required if the licensee itself provides telecommunications services utilizing the patents.
Allan Silber, Chairman & CEO of Counsel and C2 said "Finding the right partner is a long and arduous task that has taken us a number of years to structure and implement. We are confident that the professionals and sponsorship of our Korean licensee will create success as we move forward together."
"We believe that C2 holds foundational patents in VoIP technology, which have the potential to generate significant licensing and royalty revenue", added Mr. Silber. "During 2008, C2 successfully negotiated settlement and license agreements with AT&T, Qwest, Global Crossing, Level 3 Communications, Verizon and Sprint in the United States. C2 continues to pursue licenses with companies that are using its patented technology in the U.S."
About Counsel Corporation
Counsel Corporation (TSX:CXS) is a private equity investor and alternative asset manager that actively partners with businesses to achieve shared success and to unlock value through leveraging its relationships, access to capital and strategic market experience. For further information, please visit Counsel's website at [ www.counselcorp.com ].
About C2 Global Technologies Inc.
C2's (OTCBB:COBT) primary business is the development and licensing of its patents, which include two foundational patents in VoIP technology. C2 is also involved in the acquisition and disposition of distressed and surplus assets through its interest in Counsel RB Capital LLC. For further information, please visit C2's website at [ www.c-2technologies.com ].
Forward-Looking Statements
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel's and C2's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Counsel and C2 currently operate, but because of the factors listed herein, as well as other factors beyond their control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in Counsel's and C2's securities and other regulatory filings.
