Inventergy Global (INVT) Reports Pact with Fortress (FIG) to Amend Existing Note Agreement.
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Inventergy Global, Inc. (NASDAQ: INVT), an intellectual property licensing and innovation company ("Inventergy"), announced today that it has entered into a definitive agreement (the "Agreement") with affiliates of Fortress Investment Group (NYSE: FIG) ("Fortress") to amend their existing note agreement. Under terms of the agreement, Fortress will defer the September 30, 2016 amortization payment and waive minimum liquidity requirements until October 30, 2016. This extension is intended to provide time for Inventergy and Fortress to conclude discussions outlined in a signed non-binding letter of Intent (the "Letter") under which Fortress would have the right to fund an enhanced enforcement program to further monetize Inventergy's 760 telecommunication patent assets.
In addition to working with Fortress to engage in the monetization of the current patent assets when the discussions are concluded, Joe Beyers and the rest of the Inventergy management team are aggressively driving new initiatives within the Inventergy Innovations program. This includes the hire of Ken Cannizzaro, who joined the team when Inventergy Innovations was created. Mr. Cannizzaro previously worked with Mr. Beyers at Hewlett-Packard where they created a multi-hundred million dollar a year technology licensing program similar to the Inventergy Innovations model. In the past five months, Inventergy Innovations has completed four partnership agreements and one additional letter of intent, with others expected soon from a pipe-line of more than 10 additional prospects. Significant progress is also being made by the current partnerships with the first results of this effort announced recently.
The Letter is non-binding and subject to the execution of a definitive agreement between the parties, which is expected to be entered into within the next 30 days. Additional information regarding the terms of the Agreement and the Letter will be available in the Current Report on Form 8-K to be filed today with the Securities and Exchange Commission. Inventergy has not yet determined the accounting treatment of this potential transaction on its financial statements in future periods.
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