Quest Patent Research Subsidiary M-RED Inc. Enters into Settlement Agreement and License with Panasonic Corporation
Panasonic is the first licensee of the M-RED portfolio
RYE, NY – 06/15/2020 – 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 Panasonic Corporation (“Panasonic”) (the “Agreement”) in the M-RED Inc. (‘M-RED’) intellectual property portfolio. The Agreements resolve the parties’ disputes, grants Panasonic a fully paid license to certain assets within the M-RED patent portfolio, and mutual covenants, among other terms, which are confidential.
The M-RED portfolio consists of 60 United States patents and 8 foreign patents, which cover technology generally related to semiconductor manufacture, integrated circuits, processors and power management. In July 2019, M-RED Inc. brought patent infringement suits in the U.S. District for the Eastern District of Texas against Panasonic. In April 2020, the Court issued an order granting the parties’ Joint Motion to Stay All Deadlines and Notice of Settlement.
“We recognize Panasonic’s commitment to superior consumer products and global brand. We are proud to have the intellectual property to support the complex needs of a company like Panasonic and are pleased to provide them with critical IP rights to continue innovating,” Mr. Jon Scahill, CEO of Quest, commented. “As with all our portfolios it is our goal to work quickly and amicably to license our IP which is core to our business model and expertise.”
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.
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Jon Scahill, Chief Executive Officer
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