|By Marketwired .||
|January 21, 2014 01:52 PM EST||
CHARLOTTE, NC -- (Marketwired) -- 01/21/14 -- Revolutionary Concepts Inc. (OTCQB: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced that it is in advanced contract negotiations with a technology company that plans to acquire an exclusive worldwide licensing agreement from REVO to commercialize REVO's online patented wireless mobile security alarm services system. REVO projects that the transaction could generate substantial long-term revenues for the Company through residual and ongoing licensing fees and royalties.
The Company has been in discussions with several companies that have expressed strong interest in acquiring REVO's patented system for several months. Currently, REVO is in final contract negotiations with a technology company that buys and markets security systems and other technologies. The company is seeking to obtain a worldwide licensing agreement for REVO's "EyeTalk Communicator System."
REVO's strategy is to maximize the value and broaden the potential use of its entire portfolio of patented security and gaming technologies. The first step in the REVO's strategy is to license the "EyeTalk" system to exploit the patents for marketing and distribution. This would allow REVO to begin generating income and establish a benchmark value for the system. The second step is for REVO to complete the final negotiations for an agreement to sale the entire patented mobile wireless alarm system portfolio for a higher price.
"We have a great deal of confidence in the direction and negotiations for our initial licensing of the patents. The prospective licensor wants to acquire an exclusive worldwide license and is moving forward expeditiously to complete the due diligence process. We believe the closing of the transaction will take place very soon," says REVO's Senior Vice President, Solomon Ali.
The final terms and conditions of the transaction will be determined in the definitive agreement, which is subject to, among other things, final due diligence by REVO, and other conditions, and approvals by both companies' management and board of directors. No assurances can be provided that a definitive agreement will be executed.
About Revolutionary Concepts Inc.
REVO is 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.
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.
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