|By Marketwired .||
|March 10, 2014 05:56 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/10/14 -- Moimstone Corporation ("Moimstone" or the "Company") (TSX VENTURE:MSE) announces it has entered into a license agreement relating to third party intellectual property ("IP") relating to certain protocols incorporated into the Company's voice over internet protocol ("VoIP") products.
As a result of its own review of the cost of its products in North America, the Company determined that it may have exposure for license fees payable to a third party in respect of the Moimstone VoIP products sold in the Republic of Korea. The Company approached the holders of the relevant IP rights and negotiated a comprehensive licensing package for the historical and future uses of the IP. License fees in respect of the historical use amount to less than 1% of Moimstone's cost of production for this time period, with ordinary course license fees payable in respect of future sales.
Rob Bakshi, President of Moimstone commented: "As a technology company we are constantly monitoring the state of the art in all areas in order to add cutting edge functionality to our products and we are delighted to have made arrangements to include the feature set provided by this patent portfolio into our product line."
Moimstone Corporation is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with an eight year history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers. For more information regarding Moimstone, please refer to its respective public filings available at www.sedar.com.
This press release has been prepared by Moimstone Corporation. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Moimstone has attempted to identify important factors that could affect Moimstone and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Moimstone does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
President and Chief Executive Officer