STAMFORD, Conn.--(BUSINESS WIRE)--
Patent Properties, Inc. (OTCQB:PPRO), an intellectual property company
that develops and commercializes its unique portfolio of assets and is
creating a disruptive licensing solution for the mass market of patent
owners and users, announced today that its majority shareholder Walker
Digital, LLC agreed to sell 5,000,000 shares of Patent Properties’
common stock at $3.00 per share to various investors. The transaction is
expected to close later this week and Patent Properties has agreed to
seek to register such shares by August 1, 2014.
Patent Properties will not receive any proceeds from the private sale.
Following the transaction, Walker Digital will own approximately 49% of
the economic interest and 82.5% of the voting interest of Patent
The shares of common stock sold in the private sale were not registered
under the Securities Act of 1933, as amended or qualified under the
securities laws of any other jurisdiction. This announcement does not
constitute an offer to sell or the solicitation of an offer to buy
shares of common stock of Patent Properties.
About Patent Properties, Inc.:
Patent Properties, Inc. (OTCQB: PPRO) will continue to develop and
commercialize its unique portfolio of intellectual property assets,
which were created by Walker Digital, LLC, the research and development
lab led by internationally recognized inventor and entrepreneur Jay
Walker, and will also introduce a disruptive licensing solution for the
mass market of patent owners and users. Mr. Walker is best known as the
founder of priceline.com and has twice been named by TIME magazine as
“one of the top 50 business leaders of the digital age.” All of the
patents owned by the company were developed internally by Walker
Digital, LLC, with Jay Walker as a named inventor on all issued patents
and the lead inventor on the vast majority. Additional information
regarding the company can be found at www.patentproperties.com.
Investor Contact for Patent Properties, Inc.:
Source: Patent Properties, Inc.