Inventergy Global's Recently Launched Subsidiary, Inventergy Innovations, Enters Into Agreement to Monetize GTX's Intellectual Property for Wearable Technologies and Personal Wireless Location-Based Services
CAMPBELL, CA -- (Marketwired) -- 06/17/16 -- Inventergy Global, Inc., a Silicon Valley intellectual property company (NASDAQ: INVT), today announced that its subsidiary, Inventergy Innovations, LLC, has entered into a definitive agreement with GTX Corp (OTCBB: GTXO), an IoT (Internet of Things) platform in the personal location wearable and wandering assistive technology business, to spearhead GTX's monetization efforts for its wearable technologies and personal wireless location-based services intellectual property assets.
As part of the definitive agreement, Inventergy Innovations will become the majority owner of, and will have the exclusive right to license or sell, three of GTX's patents -- US 8,154,401, US 8,760,286 and US 9,219,978, commonly referred to as the "Comm. Protocol" or "286" Family. Inventergy Innovations and GTX will share revenue on all future licensing royalties or any possible sale of these patents. Both parties are also working collaboratively to enrich and expand the portfolio.
"This partnership demonstrates our ability to generate accretive and diversified value for our stockholders and partners," stated Joe Beyers, CEO of Inventergy Global, Inc. "We launched Inventergy Innovations to enhance our growth and revenue prospects. This partnership sets us on a trajectory to expand our intellectual property and technology through cooperation with other intellectual property holders. GTX's patents are applicable to remotely configurable tracking and location devices, including smartphones and other GPS-based products in use today and represent a sizable addressable market. We believe this partnership will allow us to build a successful monetization program around these assets."
Inventergy Innovations announced binding LOI's (Letters of Intent) with four companies on May 10, 2016. This GTX agreement is the first of these four engagements to be consummated with a definitive agreement. The other three are expected to be concluded in the near future.
About Inventergy Global, Inc.
Inventergy Global, Inc. is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies and other technology companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy, visit www.inventergy.com.
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Source: Inventergy Global, Inc.