AppTech Payments Corp. Closes the Acquisition of Hothand and their Powerful Patent Portfolio
CARLSBAD, Calif., May 24, 2022 (GLOBE NEWSWIRE) -- AppTech Payments Corp. ("AppTech") (NASDAQ: APCX), a Fintech company powering commerce experiences, is excited to announce the closing of its acquisition of Hothand Inc. ("Hothand"), a patent holding company that owns the intellectual property rights to a patent portfolio that broadly covers geofence triggered ecommerce and/or advertising via cell phone.
The purchase price was a combination of cash and stock, to be disbursed upon predetermined revenue milestones.
AppTech now owns Hothand’s portfolio of twelve patents including USPTO 7,693,752; USPTO 8,554,632; USPTO 8,799,102; USPTO 9,436,956; USPTO 10,102,556; USPTO 10,127,592; USPTO 10,600,094; USPTO 10,621,639; USPTO 10,846,726; USPTO 10,846,727; USPTO 10,909,593; USPTO 11,107,140. These patents are focused on the delivery, purchase, or request of any products or services within specific geolocation and time parameters, provided by a consumer's cell phone anywhere in the United States. Additionally, Hothand's family of patents includes a patent that protects advertising on a store's mobile application when the cell phone is in the store and the ads shown are being triggered by geolocation tagging.
The acquisition of Hothand's intellectual property portfolio continues to secure AppTech as a serious provider of Fintech services. In combination with AppTech's current patents and platform, these patents allow simple integration and a consistent buyer experience via all channels of commerce, including virtual and augmented reality environments and the Metaverse, positioning AppTech as a unique provider in the Fintech marketplace.
"We are excited to officially begin the process of combining our technologies with those of Hothand, which will serve as a cornerstone of AppTech's upcoming poduct suite," said Luke D'Angelo, CEO of AppTech. "The Hothand patents have successfully been defended in the U.S. court system, and together with our current IP, AppTech has a strong foundation to become a Fintech leader. Our combined 16 patents encompass services from the taking of payments through digital banking services. Ultimately, we are creating a barrier to competitors, which will be difficult to breach without licensing our technology or paying a royalty to AppTech for online transactions and/or geofence triggered advertising. Our strong patent portfolio will be critical as we continue to roll-out our Fintech platform world-wide and explore out-licensing agreements with various companies."
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