CHARLOTTE, N.C., April 17, 2015 (GLOBE NEWSWIRE) -- Revolutionary Concepts Inc., (OTCPINK:REVO), a publicly traded company that owns patented mobile video software and remote security communication systems, announced that its global licensee Eyetalk365, LLC, has reached a settlement in its patent infringement lawsuit with an international alarm and security systems company.
Eyetalk365 LLC, has signed a Settlement and License Agreement with the alarm systems company to license some of REVO's patent portfolio to them in exchange for the payment of royalties and fees. The agreement resolves a patent infringement lawsuit that was filed by Eyetalk365 LLC in September of 2014. The alarm systems company was granted a non-exclusive license, to use REVO's patented technology and intellectual property rights. The parties agreed that the settlement resolution wouldn't constitute an admission or concession of liability or fault by the company. All other terms of the settlement are confidential.
REVO's President, Ronald Carter says, "This is a major vindication for REVO and its shareholders. The settlement validates REVO's patents and also allows us to gain a new licensee through our agreement with Eyetalk365 LLC. It also proves and clearly demonstrates and substantiates the strength of our claims about the value, effectiveness and future of our patented technology. Through Eyetalk365 LLC, we plan to continue our strategy of protecting our patented intellectual property rights."
According to a report from MarketsandMarkets global home security solutions is expected to grow to $36.46 billion in 2017. Approximately 20 million homes in the U.S. have security systems. REVO is forecasting that with a market penetration of 50%, it could generate an estimated $0.30 to $0.50 per home or $36 to $60 million annually from its patented technology in the U.S. market alone.
REVO's Senior Vice President Solomon Ali states, "Eyetalk365 is continuing in its plans to market and exploit our technology. The forecasted annual royalties to be generated from the U.S. market is in the $36 to $60 million range. Of the $36 to $60 million in total estimated annual fees projected from the marketing of the patents, Eyetalk365 LLC would receive 60% and REVO would receive 40%, or $14 to $24 million annually. Although we cannot guarantee an actual valuation, according to industry valuation standards using average P/E ratios from Standard & Poor's, at a multiple of 15 times earnings, a valuation of $210 to $360 million dollars is an estimate of the potential additional market value of the earnings to REVO."
About Revolutionary Concepts Inc.
REVO's primary business is the design and development of the "EyeTalk" Communicator technology, a mobile video, remote smart camera security technology. The system is designed to provide nationwide protection and monitoring of homes and businesses against multiple threats including robbery, fire, theft, burglary and other intrusions through mobile phones, wireless video and remote smart camera security technology. REVO holds patented and patent pending applications that utilize the technology in medical/healthcare, sporting events, child monitoring and several other key areas. For more information visit www.revolutionaryconceptsinc.com.
For inquiries contact: Media Relations: Solomon Ali at 980-225-5376
Safe Harbor Statement- There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Revolutionary Concepts Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Source:Revolutionary Concepts Inc