iFramed Patent Portfolio Independently Valued by
TechInsights, at US $1.04
Billion
MIAMI, July 17, 2017 /PRNewswire/ - Miami-based United American Corp (UnitedCorp),
(OTC: UAMA) announced today that within the context of its
legal and enforcement actions for patent infringement against Snap
Inc. (NYSE: SNAP) related to Snap's use of geo-location
based filters, it has released highlights of a third party
valuation report completed by TechInsights witch was commissioned
to review and value the company's technology rights of the iFramed
patent global portfolio. The use of geo-location based filters is
currently a critical component for the monetization of social media
networks.
With over 240 engineers and analysts, TechInsights is one of the
world's foremost authorities for evaluating and establishing patent
commercial value. The TechInsights valuation is based on various
scenarios including negotiated value, litigated value, and
discounted cash flows arising from imputed royalties within
potentially infringed markets. TechInsights concluded that based on
imputed royalties for the iFramed patent family under current
market conditions, the valuation for the patent family ranged from
US$227 million in a litigation
scenario to US$1.8 billion with
central negotiation value for the portfolio at US$1.04 billion.
UnitedCorp holds all technology rights related to iFramed's
dedicated mobile content sharing technology with digital
integration of users' selectable external content based on their
location through its wholly-owned subsidiary, iFramed Canada Ltd.
The technology is the basis for SnapChat's ''GeoFilters'' provided
to subscribers for photos and videos based on geo-location. Snap
Inc. is a provider of image and video‐based social media services
with head office in Venice,
California.
As announced on July
11th, UnitedCorp will continue to pursue and
enforce legal actions on Snap's infringement of the iFramed
technology. The current lawsuit states that Snap has focused its
core monetization strategy on the basis of the iFramed patent
portfolio.
While Snap does hold a US patent for; ''Apparatus and method for
supplying content aware photo filters'' as well as a recently
acquired patent; ''Methods and systems of providing visual content
editing functions'' these do not permit the use of a dedicated
mobile content sharing technology with digital integration of
users' selectable external content based on their location as is
used in the SnapChat's ''GeoFilters''.
"Even with these patents Snap cannot use its ''GeoFilters''
without infringing on iFramed technology and they will need to
cease doing so immediately." stated Benoit
Laliberte, UnitedCorp's President.
UnitedCorp is also reviewing its rights and options with respect
to use of the technology on other major social networks further to
the global trend for using next generation integrated
geo-localization branded user generated content into their
platforms.
The company recently announced that is in the process of
completing a Form 10 for submission to the US Securities and
Exchange Commission and is also currently evaluating alternative
exchanges for its currently trading securities.
About iFramed
iFramed is a dedicated mobile content sharing application and
platform which allows its users'-originated content to be posted in
real time on their social media accounts with a digital integration
of external content selectable by its users based on their
geo-location and other criteria. iFramed, the world's first
and only social media posting gateway technology and next
generation social network content sharing platform.
About UnitedCorp
UnitedCorp is a Florida-based
company with a strategic focus on telecommunications, information
technologies as well as the business and technologies of
social media. For more information,
visit: www.unitedcorp.com
This news release contains forward-looking statements that are
subject to various risks and uncertainties. The Company's actual
results could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors that may
be beyond the Company's control. Forward-looking statements are
based on the expectations and opinions of the Company's management
on the date the statements are made, and the Company assumes no
obligation to update forward-looking statements should
circumstances in management's expectations or opinions change.
SOURCE United American