Times Three Wireless Inc. (
TSX: V.TTW,
Stock Forum) Thursday said it has entered into an agreement to purchase several fundamental patents along with the right to further develop the patent portfolio by filing additional continuing patent applications, this according to a company
news release.
Times Three's proposed acquisition currently includes four patents issued and pending in the U.S. that relate to the essential development platform and tools used to create applications for smartphones, tablet computers and other mobile devices.
Times Three Wireless has agreed to issue to the seller $1.5 million in common shares priced at 11 cents per share and to pay to the seller a minority percentage share of net licensing proceeds generated by Times Three during the life of the subject patent portfolio.