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| ERMS.OB > SEC Filings for ERMS.OB > Form 8-K on 14-Nov-2008 | All Recent SEC Filings |
14-Nov-2008
Completion of Acquisition or Disposition of Assets, Financial Statem
On November 11, 2008, eRoomSystem Technologies, Inc. (the "Company") entered into an Exclusive License Agreement (the "License") with Acacia Patent Acquisition LLC ("APAC"), a Delaware limited liability company. Pursuant to the terms of the License, the Company will grant APAC worldwide exclusive rights to its U.S. Patent No. 4939352, U.S. Patent No. 4883948 and U.S. Patent No. 4857714, and all related patent applications, foreign patents and foreign patent applications (the "Patents"). In consideration for such grant, APAC agreed to pay the Company a continuing royalty of 50% of all amounts received by APAC less costs.
The effective on the date of the grant will occur after, among others, APAC has conducted its due diligence investigation of the Patents during the investigation period, which is a period of up to sixty days following the date of the License. During the investigation period, the Company has agreed not to discuss, negotiate or pursue with any third parties any offers or proposals with respect to or otherwise relating to the Patents.
Exhibits
10.84 Exclusive License Agreement, dated November 11, 2008 between eRoomSystem Technologies, Inc. and Acacia Patent Acquisition LLC.
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