iVoice Enters Agreement with Lamson Holdings for Sale of Selected Patents

iVoice authorized an agreement with Lamson Holdings for the sale of selected patents. The transaction, which is subject to due diligence and the usual and customary conditions, is expected to close in May .

On March 21, the company entered into a patent purchase agreement with Lamson Holdings for the sale of certain U.S, patents and/or applications for U.S. patents and/or foreign patents and applications. The patents and/or patent applications being transferred in this purchase agreement relate to various Voice Activated/Voice Responsive systems developed by iVoice, including item locators for retail stores utilizing various unique identifying, data gathering and organizing, as well as user feedback techniques.

A portion of the proceeds are to be disbursed to GlynnTech which served as iVoice's licensing agent, to assist iVoice in unlocking the potential value of the pending and issued patents. Also, some of the patents were co-invented by the president of GlynnTech, Ken Glynn.