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Cell-Loc sells patent to Samsung

Briefs | 01/30/2009 2:43 pm EST

Cell-Loc Location Technologies Inc. has sold one of its technology patents to Samsung Electronics Co., Ltd. of Seoul, South Korea. Under the terms of the agreement, Cell-Loc received a one-time payment of US$ 650,000 from Samsung in return for the wireless location system patent – US patent #5,890,068. The Calgary company retains the right to use its patent for both its own use and to sell to customers globally. Proceeds will be used for working capital and for business development purposes.

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