Quest Patent Research Subsidiary CXT Systems Enters into License and Settlement Agreement with Tailored Brands, Inc.
Tailored Brands is the sixth licensee of the CXT portfolio including Container Store, Pier 1, GNC, Hallmark and Fossil
RYE, NY – 06/17/2020 – Quest Patent Research Corporation (OTCQB: QPRC) ("Quest" or "Company"), an Intellectual Property asset monetization company, today announced entering into a patent license and settlement agreement with Tailored Brands, Inc. (“Tailored Brands”) (the “Agreement”) in the CXT intellectual property portfolio. The Agreements resolve the parties’ disputes, grants Tailored Brands a fully paid license to assets within the CXT patent portfolio, and mutual covenants, among other terms, which are confidential.
The CXT Portfolio represents 1 of 11 intellectual property portfolios Quest owns and/or controls, and is comprised of 30 U.S. patents covering technology relating to, among other innovations, systems and methods of operating an accessible information database which provides for single sign-on user authentication, intelligent database management, as well as inventory evaluation, filtering according to preferences, alternative product recommendations, and access to a database of consumer feedback/evaluation.
The two main technology segments of the portfolio are the 'Message Board Patents' relating to customer reviews and recommendations and the 'Steele Patents' relating to a system for centrally storing and managing consumer information accounts, and auto populating information on webpages, such as checkout pages and account pages.
To date, Fossil, Academy, Container Store, Pier 1, GNC, Hallmark, Steve Madden, and several others have all taken a license to the Steele Patents. Yotpo, Turnto, PowerReviews, and BazaarVoice have all taken a license to the Message Board Patents.
Mr. Jon Scahill, CEO of Quest, commented. “We are pleased to have reached a licensing agreement with our fifteenth licensee within the CXT structured licensing program in approximately 2 years its inception.”
About Quest Patent Research Corporation
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.
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.
Jon Scahill, Chief Executive Officer
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