Revolutionary Concepts in Final Contract Negotiations for Exclusive License of REVO's Smart Technology Security System
22 January 2014 - 5:51AM
Marketwired
Revolutionary Concepts in Final Contract Negotiations for Exclusive
License of REVO's Smart Technology Security System
CHARLOTTE, NC--(Marketwired - Jan 21, 2014) - Revolutionary
Concepts Inc. (OTCQB: REVO), a publicly traded company that
develops mobile video software and remote security communication
systems, announced that it is in advanced contract negotiations
with a technology company that plans to acquire an exclusive
worldwide licensing agreement from REVO to commercialize REVO's
online patented wireless mobile security alarm services system.
REVO projects that the transaction could generate substantial
long-term revenues for the Company through residual and ongoing
licensing fees and royalties.
The Company has been in discussions with several companies that
have expressed strong interest in acquiring REVO's patented system
for several months. Currently, REVO is in final contract
negotiations with a technology company that buys and markets
security systems and other technologies. The company is seeking to
obtain a worldwide licensing agreement for REVO's "EyeTalk
Communicator System."
REVO's strategy is to maximize the value and broaden the
potential use of its entire portfolio of patented security and
gaming technologies. The first step in the REVO's strategy is to
license the "EyeTalk" system to exploit the patents for marketing
and distribution. This would allow REVO to begin generating income
and establish a benchmark value for the system. The second step is
for REVO to complete the final negotiations for an agreement to
sale the entire patented mobile wireless alarm system portfolio for
a higher price.
"We have a great deal of confidence in the direction and
negotiations for our initial licensing of the patents. The
prospective licensor wants to acquire an exclusive worldwide
license and is moving forward expeditiously to complete the due
diligence process. We believe the closing of the transaction will
take place very soon," says REVO's Senior Vice President, Solomon
Ali.
The final terms and conditions of the transaction will be
determined in the definitive agreement, which is subject to, among
other things, final due diligence by REVO, and other conditions,
and approvals by both companies' management and board of
directors. No assurances can be provided that a definitive
agreement will be executed.
About Revolutionary Concepts Inc. REVO is primary business
is the design and development of the "EyeTalk" Communicator
technology, a mobile video, remote smart camera security
technology. The system is designed to provide nationwide protection
and monitoring of homes and businesses against
multiple threats including robbery, fire, theft, burglary and
other intrusions through mobile phones, wireless video and
remote smart camera security technology. REVO holds patented and
patent pending applications that utilize the technology in
medical/healthcare, sporting events, child monitoring and several
other key areas. For more information visit
www.revolutionaryconceptsinc.com.
Safe Harbor Statement - There are matters discussed in this
media information that are forward looking statements within the
meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. Such statements are only
forecasts and actual events or results may differ materially from
those discussed. For a discussion of important factors which could
cause actual results to differ from the forward looking statements,
refer to Revolutionary Concepts Inc.'s most recent annual report
and accounts and other SEC filings. The company undertakes no
obligation to update publicly, or revise, forward
looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally
required.
For inquiries contact: Media Relations Solomon Ali
704-837-5705