Engagement Labs receives patent for TotalSocial
Engagement Labs receives patent for TotalSocial
2021-12-22 13:42 ET - News Release
Mr. Steven Brown reports
ENGAGEMENT LABS ANNOUNCES IT HAS BEEN AWARDED PATENT FOR TOTALSOCIAL FROM US PATENT AND TRADEMARK OFFICE
Engagement Labs Inc. has been awarded a patent by the United States Patent and Trademark Office for TotalSocial, its data and analytics platform that uniquely measures off-line and on-line conversation about brands and their impact on business outcomes.
Officially titled "System and Method for Measuring Social Influence of a Brand For Improving the Brand's Performance," the patent is based on the proprietary method by which the company integrates off-line and on-line conversational data for nearly 1,000 brands in the United States and ties those data to business outcomes such as sales, brand health and media amplification.
"Being awarded a U.S. patent is a powerful testament to our new technology's leadership. It also illustrates the significant progress we made in intellectual property creation and protection," said Steven Brown, president and chief revenue officer. "This patent confirms the uniqueness of Engagement Labs' TotalSocial core technology and our customers can feel confident of our solutions, even as its practical value is something that marketers and insights leaders have been confirming since the launch of TotalSocial."
Corporate update
The company is in the process of completing next steps to finalize its previously announced merger agreement with DGTL Holdings Inc. Since the company's last update on Nov. 25, DGTL completed a financing that satisfied a key condition to closing the plan of arrangement between the company and DGTL dated Aug. 11, 2021, as amended. A Jan. 6, 2022, court date has been set for the company to seek an interim court order to permit the company to put the proposed arrangement to shareholders for their approval at a virtual shareholders meeting, which is scheduled for Feb. 14, 2022. Under the terms of the arrangement, the company's chief financial officer and president/CRO will remain with the company following the merger. Ed Keller, the company's chief executive officer, will remain with the company through the completion date of the transaction, after which he is expected to depart based on mutually negotiated terms. As part of the arrangement, Mr. Keller will receive special consideration upon the arrangement becoming effective, including an award of 261,250 DGTL warrants. Mr. Keller will also be exempt from the requirement applicable to all other directors and officers of the company to hold their shares for a period of one year following the effective date of the arrangement. The company also announces that Mr. Keller intends to sell up to 105,000 Engagement Labs shares between now and the end of 2021 for tax purposes. The company will provide further updates on each step in this continuing process as they are completed. Both companies are targeting a final closing of the merger in Q1 of 2022.