Local Corp. (LOCM) Reports Favorable Settlement in Patent Case vs Fry's Electronics
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Local Corporation (NASDAQ: LOCM), a leading local search and advertising technology company, today announced that it has reached a favorable settlement agreement in its patent infringement action with Fry’s Electronics, Inc. The terms of the settlement are confidential.
The litigation began in June 2012 when Local Corporation filed a lawsuit claiming that Fry’s Electronics was infringing on its registered U.S. Patent No. 7,062,453, which covers “methods and systems for dynamic networked commerce architecture.”
“We are very pleased with the outcome of this settlement, and we believe this further validates the significant unlocked value of our robust patent portfolio,” said Fred Thiel, Local Corporation chairman and chief executive officer. “We have identified hundreds of websites and applications that we believe infringe upon this patent and believe there are likely thousands more. We have set a clear course to begin the process of licensing this patent and expect to continue to report the results of these monetization efforts with greater frequency. Overall, we currently believe that a conservative estimate of potential future licensing fees that could be generated from this patent is $100 million. We believe we are well-positioned to explore the monetization of our other patent families as well, including our pay-per-call patents.”
The company has 13 patents issued covering several categories including search/menus, pay-per-call and local shopping. Also, in order to create a more flexible structure to better leverage the value of its IP, the company recently announced that it is in the process of transferring the majority of its issued patents to a dedicated IP holding subsidiary.
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