Tekcapital signs double deal with Wecast

28th Dec 2016 08:49

(ShareCast News) - Technology and intellectual property services provider Tekcapital announced on Wednesday that it has out-licensed the exclusive worldwide rights to its portfolio of nine patents for the improvement of air conditioning efficiency, and has also formed a strategic alliance with Wecast Technology Group.The AIM-traded firm said the technology contained in its nine patents is aimed at improving the efficiency of central air conditioning systems and is designed to achieve up to a 25% efficiency improvement in condenser fan operations, compared with existing air conditioning units.It said the intellectual property portfolio was developed and tested at the Florida Solar Energy Center, a research institute of the University of Central Florida, and the exclusive rights to the intellectual property were previously acquired by Tekcapital for royalty payments on any associated future revenue.The portfolio has been exclusively out-licensed to Wecast Technology Group for the life of the IP, the company's board confirmed.Wecast Technology Group is a subsidiary of Sun Seven Stars Entertainment & Media Group, one of the largest and most diversified private media and investment companies in China.The terms of the license include an upfront payment to Tekcapital of $0.1m and a 5% royalty on sales.Beginning with the second year of the license agreement, there is a $0.1m minimum annual royalty payment.Separately, Tekcapital and Wecast Technology Group have signed a five-year strategic alliance and distribution agreement, whereby Tekcapital said it will exclusively supply additional licensed university technologies for Wecast to commercialise on the electronic exchanges they operate.Under the terms of the agreement, Wecast has committed to acquiring a minimum of ten intellectual property licenses per year from Tekcapital.Additionally, on a non-exclusive basis, Wecast will also seek to introduce and re-sell Tekcapital's IP services to its large network of clients.Tekcapital confirmed it will continue to provide clients with its IP services and offer technologies for license that it has acquired for non-electronic exchange customers."We are excited to have exclusively out-licensed our portfolio of AC patents developed by the University of Central Florida," said Tekcapital executive chairman Clifford Gross."We are also enthusiastic to be working with the Wecast Technology Group to bring a wide variety of additional university technologies to the marketplace."We believe that this alliance has the potential to expand the market for university developed IP."