WEGENER Closes Sale of Selected Patents and Patent Applications for $1 Million
WEGENER Closes Sale of Selected Patents and Patent Applications for $1 Million
Retains royalty-free usage for products and services
DULUTH, Ga., July 10 /PRNewswire-FirstCall/ -- Wegener Corporation (NASDAQ:WGNR), a leading provider of equipment for television, audio and data distribution networks worldwide, today announced that WEGENER has completed the previously announced sale of selected patents and patent applications to EPAX Consulting Limited Liability Company for net proceeds of approximately $1,075,000. The patents and patent applications sold relate to the areas of product distinction, system architecture and IP networking. WEGENER will continue to utilize worldwide non-exclusive rights under the patents for use in both existing and future WEGENER products.
"WEGENER is committed to continually reviewing our technology portfolio for strategic product development partnerships, OEM agreements and/or technology sales to benefit our customers and shareholders," stated Robert Placek, Chairman and CEO of Wegener Corporation. "This sale is an example of a strategic transaction to monetize our patent portfolio without otherwise harming our business or prospects."
The sale closed on July 3, 2008 and will be reflected in Wegener Corporation's financial results for the current fiscal fourth quarter, which ends August 29, 2008.
ABOUT WEGENER
WEGENER(R) (Wegener Communications, Inc.), a wholly-owned subsidiary of Wegener Corporation (NASDAQ:WGNR), is an international provider of digital solutions for video, audio, and IP data networks. Applications include IP data delivery, broadcast television, cable television, radio networks, business television, distance education, business music and financial information distribution. Compel(R), WEGENER's patented network control system, provides networks with unparalleled ability to regionalize programming and commercials. Compel(R) network control capability is integrated into WEGENER(R) digital satellite receivers. WEGENER(R) can be reached at +1.770.814.4000 or on the World Wide Web at www.wegener.com.
WEGENER, COMPEL, COMPEL CONTROL, iPUMP, MEDIAPLAN, UNITY, ASSURED FILE DELIVERY, PANDA, PROSWITCH, VIDATA, the stylized W-design logo (for WEGENER(R)), the stylized C-design logo (for Compel(R)) and the stylized PANDA design logo are all registered trademarks of WEGENER(R). All Rights Reserved.
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, and the Company intends that such forward-looking statements are subject to the safe harbors created thereby. Forward-looking statements may be identified by words such as "believes," "expects," "projects," "plans," "anticipates," and similar expressions, and include, for example, statements relating to expectations regarding future sales, income and cash flows. Forward-looking statements are based upon the Company's current expectations and assumptions, which are subject to a number of risks and uncertainties including, but not limited to: customer acceptance and effectiveness of recently introduced products, development of additional business for the Company's digital video and audio transmission product lines, effectiveness of the sales organization, the successful development and introduction of new products in the future, delays in the conversion by private and broadcast networks to next generation digital broadcast equipment, acceptance by various networks of standards for digital broadcasting, the Company's liquidity position and capital resources, general market conditions which may not improve during fiscal year 2008 and beyond, and success of the Company's research and development efforts aimed at developing new products. Discussion of these and other risks and uncertainties are provided in detail in the Company's periodic filings with the SEC, including the Company's most recent Annual Report on Form 10-K. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. Forward-looking statements speak only as of the date the statement was made. The Company does not undertake any obligation to update any forward-looking statements.
PRESS CONTACT:
Robin Hoffman
Pipeline Communications
(973) 746-6970
e-mail: robinhoffman@pipecomm.com
INVESTOR RELATIONS CONTACT:
Troy Woodbury - Investor Relations
WEGENER
(770) 814-4000
FAX (770) 623-9648
e-mail: info@wegener.com
First Call Analyst:
FCMN Contact:
Source: Wegener Corporation
CONTACT: Troy Woodbury, Investor Relations, WEGENER, +1-770-814-4000,
fax +1-770-623-9648, info@wegener.com; or Robin Hoffman of Pipeline
Communications, +1-973-746-6970, robinhoffman@pipecomm.com, for Wegener
Corporation
Web site:
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