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April 16, 2014
10:31 EDTWILNWi-LAN acquires irrigation technology patents and revenue stream
Wi-LAN announced that a subsidiary has entered into a partnership agreement with the inventors of patented technologies that relate to the operation of irrigation control systems. Under the terms of the agreement, WiLAN has assumed responsibility for licensing a patent portfolio with demonstrated market value. The portfolio has already been licensed and pursuant to the partnership agreement, WiLAN will receive the future revenue stream generated by all existing running royalty agreements. WiLAN will share, with the vendor, future revenues generated by new licenses to the portfolio. The company did not pay any money up front for rights to the portfolio. Revenues from this agreement are expected to begin contributing to WiLAN's revenue stream in 2Q14.
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