In a recent Securities and Exchange Commission filing, Liquidmetal Technologies announced that its agreement with Apple. This agreement regarding licenses its ongoing intellectual property development has been extended for two additional years.
Originally funneled through a subsidiary known as Crucible Intellectual Property, LLC, this agreement provides Apple with a full license to all of Liquidmetal’s intellectual property for commercialization in consumer electronics. Previously, this deal required Liquidmetal to submit all of its intellectual property discoveries to the subsidiary through 5 February 2012. However, but the new amendment effective as of last Friday extends the same agreement through 5 February 2014.
The Cupertino, California-based company acquired the rights to Liquidmetal’s amorphous metal alloys after testing the material in the iPhone 3G SIM eject tool in August 2010. The use of Liquidmetal’s alloys offer improvements in strength and durability over current alloys while proving to cast into complex shapes. However, it should be noted that it is likely several years off. The license does work out in Apple’s favor though as the intellectual property will be available for use if they decide to head that route.
Following is the text of announcement:
Under the MTA [Master Transaction Agreement], the Company was originally obligated to contribute to Crucible Intellectual Property, LLC, a special purpose subsidiary of the Company, all intellectual property acquired or developed by the Company through February 5, 2012, and all intellectual property held by Crucible Intellectual Property, LLC is exclusively licensed on a perpetual basis to Apple for the field of use of consumer electronic products under the MTA. Under the Amendment, the parties agreed to amend the MTA to extend the February 5, 2012 date to February 5, 2014.
The foregoing does not purport to be a complete description of the Amendment and is qualified by reference to the full text of such agreement, which will be filed with the Company’s next Quarterly Report on Form 10-Q.
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