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Ann: US$3M Note based on IP/Patent Valuation and Protection Plan, page-2

  1. 13,783 Posts.
    March 30, 2016
    xTV Receives Asset Backed Financing based on Valuation of its Intellectual Property xTV Networks Ltd (“xTV” the “Company”)

    (ASX:XTV) has proceeded with a credit enhancement insurance program that is based on the value of patents, trademarks and IP that is being provided by the Intellectual Property Insurance Services Corporation (IPISC) through Newlight Capital, LLC.

    This credit enhancement policy was used to arrange for an asset-backed US$3M IP based credit facility to allow the Company to pursue new customers in the U.S.
    The proceeds will be used to support the company’s growth plans over the next three years.
    The terms of the policy with East West Bank are shown in the attached Term Sheet, and include:
     US$3M Credit Enhancement based on the value of XTV’s intellectual property portfolio
     Security interest backed by the value of xTV Networks intellectual property
     Thirty-six-month term with no pre-payment penalties
     Interest rate of 6-month LIBOR plus 3% plus a 1% payment of the total loan value at termination
     xTV acquires $15M of total patent litigation insurance to defend against patent trolls and most importantly the potential of infringement against xTV’s Cloud TV Platform

    “IPISC pioneered the first intellectual property insurance over twenty-five years ago, and our latest patent collateral protection policy has placed IPISC at the forefront of the patent and IP asset-backed insurance market, and allowed XTV Networks to put the value of their IP to work in new ways” said Bob Fletcher President, Founder and CEO of IPISC.

    Mr. Fletcher added that “The IPISC collateral protection policy includes an IP defense and abatement policy to further protect xTV’s growing IP portfolio, and the IPISC offering has now been expanded to include a US$5M offering.

    ” Joe Ward, CEO of xTV Networks added “Our Intellectual Property has been further validated by IPISC, and created a new opportunity for xTV to raise fresh capital and further expand near term sales activity”.
    Mr. Ward added that “The ability to defend the company against infringement of the IP powering our Cloud TV Network is an important strategic imperative.”
    Last edited by gonegassed: 30/03/16
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