has signed an agreement for the sale of certain patents to Masinolli Fund Limited Liability Company. Pursuant to the agreement, VocalTec will sell four patents and certain patent-related rights, out of the Company’s current portfolio of 11 patents, for the aggregate price of approximately $7 million. The patents to be sold consist of three US patents and one Israeli patent. Consummation of the transaction is subject to certain conditions, including approval of the Office of the Chief Scientist of the Israeli Ministry of Industry, Trade and Labor. The transaction related expenses will include mainly brokerage fees and other amounts to be determined. Upon consummation of the transaction, VocalTec will be granted a worldwide unlimited non-exclusive license to use the sold patents and patent-related rights in connection with the development and marketing of its products. IPinvestments Group is acting as VocalTec’s broker in this transaction.
Upon completion of the sale of the four patents, VocalTec will retain a patent portfolio comprising seven additional patents as well as several trademarks, including the “Internet Phone” trademark and Internet domain name.