Hey All,
Is this the Refac Technology Develop thread? Where is everyone? I have followed REF for a long time and decided to buy in since REF''s P/E is reported at 5. The following is a news release that I found interesting from March. Is anyone interested?
March 11, 1999 11:03
REFAC Product Development Group Signs Agreement to Develop and License Product Line
NEW YORK--(BUSINESS WIRE)--March 11, 1999--REFAC Technology Development Corporation (AMEX: REF) announced today that its product development group has signed a confidential product design and development agreement with a leading manufacturer.
Although REFAC has agreed to keep the name of its licensee and the product category confidential, the agreement does include a development fee and royalties based upon sales. The intellectual property rights for this product line, which is expected to be marketed in year 2001, will be jointly owned by REFAC and its licensee.
Robert L. Tuchman, President and CEO of REFAC, stated that "This is another important step in our mission to establish partnerships with leading companies in specific product categories to produce recurring royalty revenue streams. We are excited over this agreement because it puts us in a new product category for our proprietary work with a partner which had 1998 sales in excess of $300 million. This project represents our largest commitment to date to develop a completely new product line on a royalty basis." He added, "We continue to seek additional partners to extend our reach into new product categories."
REFAC Technology Development Corporation is a full service intellectual property marketing organization and a leading developer of consumer products, medical devices and business equipment. The Company's expertise centers on its ability to maximize the earning potential of intellectual property rights through creative licensing strategies, enterprising brand extension ventures, and entrepreneurial product design/engineering programs.
Statements about the Company's future expectations and all other statements in this document other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that the "forward-looking statements" contained herein are subject to the above-mentioned statutory safe harbors. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected or inferred results. There is no assurance as to the amount of royalty income that REFAC's product development group will earn through the above-mentioned agreement.
CONTACT: Refac Product Development
Robert L. Tuchman
212/687-4741
fax: 212/949-8716
refac@refac.com
refac.com |
