Nokia Sells Over 500 Wireless Related Patents To IP Firm Vringo

Nokia’s asset offload continues day by day. Just after the news that Nokia is selling all of its Qt related business to Digia Finland for an undisclosed amount, Nokia is also selling over 500 wireless related patents to IP firm Vringo. The portfolio encompasses a broad range of technologies relating to cellular infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services. Nokia will receive a cash payment from Vringo in addition to the revenues it will get as part of the  ongoing rights generated from the patent portfolio.

Read more after the break.

Press Release:

NEW YORK, Aug 09, 2012 (BUSINESS WIRE) — Vringo, Inc. (nyse mkt:VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today announced that it had entered into a Patent Purchase Agreement with Nokia Corporation pursuant to which Nokia agreed to sell Vringo a portfolio consisting of over 500 patents and patent applications worldwide, including 109 issued United States patents. Vringo agreed to compensate Nokia with a cash payment and certain ongoing rights in revenues generated from the patent portfolio.

The portfolio encompasses a broad range of technologies relating to cellular infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services.

Thirty one of the 124 patent families acquired have been declared essential by Nokia to wireless communications standards. Standards represented in the portfolio are commonly known as 2G, 2.5G, 3G and 4G and related technologies and include GSM, WCDMA, T63, T64, DECT, IETF, LTE, SAE, and OMA.

Further details are included in a Form 8-K to be filed by Vringo with the United States Securities and Exchange Commission.

For more information, visit: www.vringoIP.com .

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