19/03/2008 - 14:02

ipernica receives $30 million payment

19/03/2008 - 14:02

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ipernica Ltd confirmed today that it has received $30 million from the recently announced settlement of litigation against Sweden-based Ericsson Inc.

ipernica receives $30 million payment

ipernica Ltd confirmed today that it has received $30 million from the recently announced settlement of litigation against Sweden-based Ericsson Inc.

ipernica, formerly QPSX Ltd, alleged Ericsson had not paid royalties on its use of the company's asynchronous transfer mode technology (ATM) and segmentation and reassembly licence.

The company, which focuses on the profitable commercialisation of physical and life science technologies, says it has now has approximately $35 million cash at bank (of which approximately $5 million is still due to be paid to profit share partners).

 

Full announcement pasted below:

ipernica confirms that it has now received $30 million from the recently announced
settlement. The Company now has approximately $35 million cash at bank (of which
approximately $5 million is still due to be paid to profit share partners).

The Company now has approximately $35 million cash at bank (of which
approximately $5 million is still due to be paid to profit share partners).
The Company's net tangible assets per share is 10.5 cents, based on net tangible
assets of the Company as audit reviewed on 31 December 2007 plus receipt of recent
settlement funds (net of amounts payable to profit share partners).
The 10.5 cents net tangible asset per share is 100% fully cash backed.
In regard to operating performance, both revenue ($21 million in FY 06/07, $31 million
already recorded to date for FY 07/08) and profit ($4.4 million for FY06/07) are forecast
to increase substantially for FY 07/08. As such, ipernica is well positioned to execute on
it's strategies, as outlined in the presentation announced to the ASX on 4 March 2008.
ipernica also has commenced a Strategic Review of various investment opportunities
that complement the Company's profitable IP assertion model, aimed at substantially
increasing shareholder value. The review will also consider capital management
alternatives, including return of capital to shareholders and / or share buyback. The
review involves external investment banking and taxation advice and we anticipate this
being finalised by the end of May 2008.
ipernica
ipernica's focus is the profitable commercialisation of a range of physical and life
science technologies on a global basis. ipernica identifies valuable intellectual property
from research institutions and companies across Asia Pacific, and realises value
through international IP licensing programs, the formation and incubation of spin-out
companies and the provision of commercialisation services.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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