CHARLOTTE, NC— February 12, 2014 - Revolutionary Concepts Inc. (OTCQB: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced that it signed an agreement with a company that acquired an exclusive global license from REVO to commercialize REVO's online patented wireless mobile security alarm services system. REVO projects that the transaction could generate millions in long-term revenues for the Company through residual and ongoing licensing fees and royalties.
Finally, after several months of negotiations with REVO, the Licensee, a company that buys and markets security systems and other technologies, has signed a multi-year definitive worldwide licensing agreement for them to commercialize REVO's patented "EyeTalk Communicator System."
The terms of the Agreement are for an exclusive worldwide license of REVO's patented technologies, which includes associated intellectual property rights, future improvements to the technologies and, the right of the Licensee to sublicense the patents. REVO will receive an up-front sign-up fee or pre-commercialization fee of $900,000 in consideration and ongoing royalties and licensing fees throughout the duration of the agreement. The Licensee plans to commercialize and exploit the patents in the marketplace to achieve the maximum financial benefit for both companies.
REVO developed the "EyeTalk Communicator", a wireless mobile video, remote smart camera security technology. The system is designed to utilize sensors and smart cameras to offer preemptive and preventive monitoring of homes and businesses against multiple threats. The Licensee intends to modify the "EyeTalk Communicator" system to deliver it on a cloud-based platform, enabling users to monitor and control the system from anywhere in the world. The system could allow for real-time virtual two way audio and visual communications, in streaming video, which could make many existing alarm security monitoring services obsolete. The "EyeTalk"" System is projected to revolutionize the mobile and online security services market by selling a patented system designed to provide an unprecedented level of wireless communication, property protection, interactive services and security solutions.
REVO's Senior Vice President Solomon Ali says, "We are very excited about forging this new relationship to license our patented technology security system. This represents a major milestone and an unparalleled precedent in the history of our company, as well as a tribute to the hard work and ingenuity of our team. The Licensee and their investors formed a new subsidiary company just to acquire, commercialize, exploit and market the patented system, and to sell sublicenses. The agreement with the Licensee does not allow us to disclose their name at this time, but it should at a later date. We believe the applications of our technology could revolutionize the mobile alarm security services industry."
About Revolutionary Concepts Inc.
REVO's 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.
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SOURCE: Revolutionary Concepts, Inc.