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Patent Properties Launches The United States Patent UtilityPatent Properties, Inc. (OTCQB:PPRO) announced today the public launch of "The United States Patent UtilityTM," its Big Data-driven subscription service that makes the economic benefits of America's patent database available to companies of all sizes - without involving the court system. The Utility will serve two types of users. First, there are organizations that list their underutilized patents in the Utility's catalog for the purpose of seeking licenses from non-competitive companies. There is no cost to organizations to list patents. Second, other organizations pay a monthly subscription fee to receive a comprehensive set of information services, licenses, expert assistance and legal fee discounts to help them improve products, see what competitors are working on and reduce their risk of patent infringement. With the Patent Utility, patented technologies that are marginally or modestly valuable - those that cannot otherwise afford the high transaction costs of today's "threat-based" licensing environment - become commercially useful in the right hands. Initial participants in The Utility include:
"We are gratified by the early and initial positive marketplace response to the Utility," said Jonathan Ellenthal, Vice Chairman and Chief Executive Officer of Patent Properties. "Our customers span the breadt of American enterprise; from Fortune 500 companies to individual inventors and everyone in between. They all have one thing in common - the recognition that today's information economy rewards those organizations that can easily and efficiently access and use the best information, the most current technologies and the right experts." Jay Walker, Patent Properties Executive Chairman, commented: "Today's launch provides a major step forward in unlocking the competitive potential found in the over two million unused U.S. patents. These patents are the result of trillions of dollars of investment we've already made in new solutions, and each patent advertises the deeper capability of the inventor and the inventor's organization. The Utility's members can use our services to quickly and efficiently find the people, the places and the ideas that are relevant to any individual company's priorities and use these services to stay ahead of competitors and manage infringement risk." Walker continued: "The Utility, by providing a low-cost, non-litigation alternative to accessing the greatest library of new technology knowledge on the planet - America's patent database - turns patent swords into the plowshares of product improvement they were always meant to be." "Microsoft (News - Alert) believes that patent licensing is an effective way to accelerate the pace of innovation while reducing patent disputes, and we're pleased to see the Utility's efforts to make patents available for inventors and companies of all sizes," said Erich Andersen, Deputy General Counsel of Microsoft. "Harman International has been on the forefront of innovation for over 60 years, and we are excited to help expand technological ingenuity and innovation by participating in an effort to make the patent marketplace more efficient and accessible," said Alyssa Harvey Dawson, Vice President of Global Intellectual Property and Licensing at Harman International. "A company like Goodway is right in the Utility's wheelhouse - a mid-size industrial business that is under constant pressure to improve our products faster than our competitors," said Tim Kane, President and CEO of Goodway Technologies. "With the Utility, we get an early look at what competitors are working on and get access to all kinds of relevant technology improvements and technical experts that can help us compete and reduce infringement risk." "We've said repeatedly that the Patent Utility is specifically designed to be a mass market solution for companies that are currently frozen out of the patent system's benefits due to the high costs and complexity of navigating today's patent marketplace," added Mr. Ellenthal. "More operating companies will now be able to tap into new commercial opportunities hidden in the U.S. patent database and patent owners big and small can now enter into sensible commercial deals that benefit both sides, without the expense or risk of involving the court system." Forward-Looking Statements This press release may contain certain "forward-looking statements" that reflect the Company's current expectations and projections about its future results, performance, prospects and opportunities. When used, the words "anticipate," "believe," "estimate," "expect" and "intend" and words or phrases of similar import, as they relate to Patent Properties, are intended to identify forward-looking statements. Such forward-looking statements include, in particular, projections about the Company's future results, statements about its plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. Additionally, statements concerning future matters such as revenue levels, expense levels, and other statements regarding matters that are not historical are forward-looking statements. Management cautions that these forward-looking statements relate to future events or the Company's future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance, or achievements of its business or its industry to be materially different from those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, those discussed under the section entitled "Risk Factors" in the Company's most recently filed Annual Report on Form 10K and in any Risk Factors or cautionary statements contained in its Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Readers should carefully review this information as well as other risks and uncertainties described in other filings the Company makes with the Securities and Exchange Commission, or the SEC (News - Alert). The Company does not undertake any obligation to publicly update these forward-looking statements. As a result, investors should not place undue reliance on these forward-looking statements. About Patent Properties, Inc. Patent Properties, Inc. (PPRO) will continue to develop and commercialize its unique portfolio of intellectual property assets, which were created by Walker Digital, LLC, the research and development lab led by internationally recognized inventor and entrepreneur Jay Walker, and has also introduced a disruptive licensing solution for the mass market of patent owners and users. Mr. Walker is best known as the founder of priceline.com and has twice been named by TIME magazine as "one of the top 50 business leaders of the digital age." All of the patents owned by the company were developed internally by Walker Digital, LLC, with Jay Walker as a named inventor on all issued patents and the lead inventor on the vast majority. Additional information regarding the company can be found at www.patentproperties.com.
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