QPRC Issues IP Portfolio Update - CXT Systems
Licensees include Container Store, Pier 1, GNC, Hallmark and Fossil
RYE, NY – 04/20/2020 – Quest Patent Research Corporation (OTCQB: QPRC) ("Quest" or "Company"), an Intellectual Property asset monetization company, today provided a shareholder update on their CXT Portfolio.
Mr. Jon Scahill, CEO of Quest, commented, “The successful licensing of the CXT portfolio is a great example of the Company’s capability to identify, acquire and monetize intellectual property assets. But more importantly, I believe it points to a bright future for Quest and its shareholders as we seek to continue to build our portfolio of assets and increase the number of active licensing programs on those assets.”
Quest owns and/or controls 10 intellectual property portfolios, comprised of more than 115 domestic and foreign patents. The CXT Portfolio represents 30 United States patents which cover 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.
Since April 2018, patent infringement suits were filed in the United States District Court for the Eastern District of Texas against 15 retail and consumer U.S. brands. As of December 31, 2019, 9 actions were resolved, 3 actions were stayed pending settlement, and the remaining 3 actions were pending due process in the court system.
To date, Fossil, Academy, Container Store, Pier 1, GNC, Hallmark, 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.
For more information please refer to the Company’s Form 10-K filing with the Securities and Exchange Commission.
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. For more information about Quest please visit www.qprc.com
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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