RYE, N.Y., May 13, 2020 /PRNewswire/ -- Quest Patent Research Corporation(OTCQB: QPRC) ("Quest" or "Company"), an Intellectual Property asset monetization company, today is reporting its financial results for the three month period ended March 31, 2020 and is providing an operational update to its shareholders.
Mr. Jon Scahill, CEO of Quest commented, "We are pleased with our financial results for the first quarter of 2020 during which we increased revenue year-over-year 132% while also improving net cash from operating activities. During the remainder of 2020 we have several cases that are stayed pending settlement and trial dates set on the court docket."
"The continued execution of our business model is a testament to the expertise our management team, board and legal counsel have in identifying undervalued assets and successfully implementing a strategy to yield return on investment for our shareholders. To date we have successfully licensed and engaged in high-level negotiations with some of the most renowned companies in the world. Management looks forward to leveraging the numerous opportunities that lay ahead of us, as we continue to remain focused on delivering increased revenue, improved margins and enhanced shareholder value," Mr. Scahill continued.
Quest's operations include the development, acquisition, licensing and enforcement of intellectual property. Quest currently owns, controls or manages 11 intellectual property portfolios consisting of over 115 patents.
Financial Highlights for the Three Month Period Ended March 31, 2020:
- Revenues for the three months ended March 31, 2020 were approximately $870,000, an increase of approximately $495,000, or 132%, compared to approximately $375,000 the three months ended March 31, 2019.
- The increase in revenue is primarily due to an escalation in patent licensing fees of approximately $495,000.
- The patent licensing fees of $870,000 for the three months ended March 31, 2020 resulted from the licensing and/or settlements in the Power Management/Bus Control Portfolio and the CXT Portfolio.
- Net cash provided from operating activities improved year-over-year to $208,824.
IP Enforcement Highlights for Remainder of 2020:
- 2 matters currently stayed pending settlement agreements; dismissals expected in Q2.
- 4 active matters, all with trials docketed for the current calendar year.
For more information please refer to the Company's 10-Q filing with the Securities and Exchange Commission.
About Quest Patent Research Corporations
Quest is an Intellectual Property ('IP') licensing and commercialization company. The Company acquires and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. Quest specializes in both mature and emerging technologies, delivering a suite of value add financial, strategic and legal resources to efficiently monetize IP throughout the full commercialization lifecycle. For more information please visit www.qprc.com.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
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SOURCE Quest Patent Research Corporation