Saturday, August 15, 2009

Zilog 10Q - IP sale to a NPE

Sale of IP to a non practicing entity: "On May 27, 2009, the Company sold certain intellectual property rights associated with five of the Company's patents. The related patents are 5386469, 5588118, 5781784, 5805834 and 6154793. The patents were sold and assigned to a non practicing entity ("NPE") for cash consideration of $1 million. The transaction was recorded as a credit to other income and as a patent assignment receivable at June 27, 2009. The cash was collected from the NPE on July 14, 2009. The terms and conditions of the agreement are confidential."