Revolutionary Concepts Signs New Agreement With Tech Firm for Global License of REVO's Patented Online Smart Technology Secur...
February 12 2014 - 10:20AM
Marketwired
Revolutionary Concepts Signs New Agreement With Tech Firm for
Global License of REVO's Patented Online Smart Technology Security
System
REVO to Receive Nearly $1 Million Sign-Up Fee; Plans for Full
Commercialization of Patents
CHARLOTTE, NC--(Marketwired - Feb 12, 2014) -
Revolutionary Concepts Inc. (OTCQB: REVO), a publicly traded
company that develops mobile video software and remote security
communication systems, announced that it signed an agreement with a
company that acquired an exclusive global license from REVO to
commercialize REVO's online patented wireless mobile security alarm
services system. REVO projects that the transaction could generate
millions in long-term revenues for the Company through residual and
ongoing licensing fees and royalties.
Finally, after several months of negotiations with REVO, the
Licensee, a company that buys and markets security systems and
other technologies, has signed a multi-year definitive worldwide
licensing agreement for them to commercialize REVO's patented
"EyeTalk Communicator System."
The terms of the Agreement are for an exclusive worldwide
license of REVO's patented technologies, which includes associated
intellectual property rights, future improvements to the
technologies and, the right of the Licensee to sublicense the
patents. REVO will receive an up-front sign-up fee or
pre-commercialization fee of $900,000 in consideration and ongoing
royalties and licensing fees throughout the duration of the
agreement. The Licensee plans to commercialize and exploit the
patents in the marketplace to achieve the maximum financial benefit
for both companies.
REVO developed the "EyeTalk Communicator", a wireless mobile
video, remote smart camera security technology. The system is
designed to utilize sensors and smart cameras to offer preemptive
and preventive monitoring of homes and businesses against
multiple threats. The Licensee intends to modify the "EyeTalk
Communicator" system to deliver it on a cloud-based platform,
enabling users to monitor and control the system from anywhere in
the world. The system could allow for real-time virtual two way
audio and visual communications, in streaming video, which could
make many existing alarm security monitoring services obsolete. The
"EyeTalk"" System is projected to revolutionize the mobile and
online security services market by selling a patented system
designed to provide an unprecedented level of wireless
communication, property protection, interactive services and
security solutions.
REVO's Senior Vice President Solomon Ali says, "We are very
excited about forging this new relationship to license our patented
technology security system. This represents a major milestone and
an unparalleled precedent in the history of our company, as
well as a tribute to the hard work and ingenuity of our team. The
Licensee and their investors formed a new subsidiary company just
to acquire, commercialize, exploit and market the
patented system, and to sell sublicenses. The agreement with
the Licensee does not allow us to disclose their name at this time,
but it should at a later date. We believe the applications of our
technology could revolutionize the mobile alarm security services
industry."
About Revolutionary Concepts Inc. REVO's primary business
is the design and development of the "EyeTalk Communicator"
technology, a mobile video, remote smart camera security
technology. The system is designed to provide nationwide protection
and monitoring of homes and businesses against
multiple threats including robbery, fire, theft, burglary and
other intrusions through mobile phones, wireless video and
remote smart camera security technology. REVO holds patented and
patent pending applications that utilize the technology in
medical/healthcare, sporting events, child monitoring and several
other key areas. For more information visit
www.revolutionaryconceptsinc.com.
Safe Harbor Statement - There are matters discussed in this
media information that are forward looking statements within the
meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. Such statements are only
forecasts and actual events or results may differ materially from
those discussed. For a discussion of important factors which could
cause actual results to differ from the forward looking statements,
refer to Revolutionary Concepts Inc.'s most recent annual report
and accounts and other SEC filings. The company undertakes no
obligation to update publicly, or revise, forward
looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally
required.
For inquiries contact: Media Relations: Solomon Ali
704-837-5705