Adeia Celebrates its First Day as a Leading Independent IP Licensing Company
03 October 2022 - 11:30PM
Adeia Inc. (Nasdaq: ADEA) (“Adeia” or the “Company”), which
invents, develops and licenses fundamental innovations that shape
the way millions of people explore and experience entertainment and
enhance billions of devices in an increasingly connected world,
today announced that it has completed its transformation to become
a leading independent intellectual property (“IP”) licensing
company, following completion of the spin-off of its product
business. Adeia will continue to trade on the Nasdaq under the new
stock symbol “ADEA”.
Adeia’s IP licensing platform provides
access to innovations which allow its customers, who are some
of the largest media, entertainment, consumer electronics, social
media, and semiconductor companies in the world, to create
cutting-edge technology solutions and products. Adeia’s
engineers and inventors are focused on innovating and creating the
most advanced, revolutionary, and forward-thinking solutions
to help solve challenges facing the media and semiconductor
industries. The Company’s internal innovation engine accounts for
approximately 85% of its combined patent portfolio and generates
ideas that are converted into powerful IP, enabling fundamental
technologies in its target markets.
“Adeia’s innovative and patented technology
solutions provide a proven and diversified portfolio offering that
accelerates our customers’ own go-to-market strategies. Our strong
financial model creates significant financial leverage that allows
for a strategic capital allocation that is focused on fueling
future revenue growth,” said Paul Davis, chief executive officer of
Adeia. “We will expand our investment in internal innovation to
drive further growth of both the size and relevance of our
portfolios, which is a key contributor to our proven track record
of consistently renewing agreements, as well as entering into new
license agreements. We will also drive market adoption of our
technologies through collaboration with industry-leading companies
with an aim to increase our annual baseline revenue as we execute
new and expanded license agreements with our customers.”
Adeia has a long history of innovation across a
diverse set of applications and technologies that has generated an
IP portfolio of over 9,500 media and semiconductor patent assets
specifically designed to meet the evolving needs of consumers.
- Adeia’s media
portfolio covers fundamental aspects of the entertainment
experience across platforms, including how users search, record,
stream, discover, consume, personalize and interact with content.
Many of Adeia’s media solutions have become ubiquitous across the
industry. As video and imaging become more immersive and continue
to expand into all aspects of our lives, the Company is
well-positioned to benefit from this macro trend and enable others
to incorporate its foundational ideas into their own products and
services.
- Adeia’s
semiconductor portfolio is comprised of patents and technology
know-how in hybrid bonding (or Direct Bond Interconnect (DBI)),
advanced processing nodes and advanced packaging, which represent
the future of the semiconductor industry and address challenges
with Moore's Law. Hybrid bonding is a transformative,
multi-generational platform and is widely acknowledged as
game-changing technology in the industry. Adeia’s advanced
processing node IP covers fundamental aspects of semiconductor
manufacturing, especially as the market moves to increasingly
smaller nodes.
Centerview Partners LLC acted as financial advisor and Skadden,
Arps, Slate, Meagher and Flom LLP acted as legal advisor.
About Adeia Inc.
Adeia invents, develops and licenses fundamental innovations
that shape the way millions of people explore and experience
entertainment in an increasingly connected world. From TVs to
smartphones, and across all types of entertainment experiences,
Adeia’s technologies allow users to manage content and connections
in a way that is smart, immersive and personal. For more
information, please visit adeia.com.
Source: Adeia Inc.
Contact:
Idalia Rodriguez and Jill KovalArbor Advisory
GroupIR@adeia.com
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on information available to the Company as of
the date hereof, as well as the Company’s current expectations,
assumptions, estimates and projections that involve risks and
uncertainties. In this context, forward-looking statements often
address expected future business, financial performance and
financial condition, and often contain words such as "expect,"
"anticipate," "intend," "plan," "believe," "could," "seek," "see,"
"will," "may," "would," "might," "potentially," "estimate,"
"continue," "expect," "target," similar expressions or the
negatives of these words or other comparable terminology that
convey uncertainty of future events or outcomes. All
forward-looking statements by their nature address matters that
involve risks and uncertainties, many of which are beyond the
Company’s control, and are not guarantees of future results. These
and other forward-looking statements are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed in any forward-looking
statements. Accordingly, there are or will be important factors
that could cause actual results to differ materially from those
indicated in such statements and, therefore, you should not place
undue reliance on any such statements and caution must be exercised
in relying on forward-looking statements. Important risk factors
that may cause such a difference include, but are not limited to:
the Company’s ability to implement its business strategy; the
Company’s ability to enter into new and renewal license agreements
with customers on favorable terms; the Company’s ability to retain
and hire key personnel; uncertainty as to the long-term value of
the Company’s common stock; legislative, regulatory and economic
developments affecting the Company’s business; general economic and
market developments and conditions; the Company’s ability to grow
and expand its patent portfolios; changes in technology and
development of competing technology in the industries in which in
which the Company operates; the evolving legal, regulatory and tax
regimes under which the Company operates; unforeseen liabilities
and expenses; risks associated with the Company’s indebtedness,
unpredictability and severity of catastrophic events, including,
but not limited to, acts of terrorism or outbreak of war or
hostilities, including Russia’s invasion of Ukraine, and natural
disasters; the Company’s ability to achieve the intended benefits
of, and its ability to recognize the anticipated tax treatment of,
the recent spin-off of its product business; and the extent to
which the COVID-19 pandemic continues to have an adverse impact on
the Company’s business, results of operations, and financial
condition will depend on future developments, including measures
taken in response to the pandemic, which are highly uncertain and
cannot be predicted. These risks, as well as other risks associated
with the business, are more fully discussed in the Company’s
filings with the U.S. Securities and Exchange Commission ("SEC"),
including the Company’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. While the list of factors presented here is,
and the list of factors presented in the Company’s filings with the
SEC are, considered representative, no such list should be
considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
Consequences of material differences in results as compared with
those anticipated in the forward looking statements could include,
among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar risks,
any of which could have a material adverse effect on the Company’s
consolidated financial condition, results of operations, liquidity
or trading price of common stock. The Company does not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
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