CHARLOTTE, N.C., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Revolutionary Concepts, Inc. is a company focused on the design and development of intellectual property (IP) rights, and trade names such as Eye Talk Communicator. Revolutionary Concepts, Inc. (OTCBB:REVO) (www.revolutionaryconceptsinc.com) announced today that it has executed a Letter of Intent with an undisclosed third party to acquire the rights to patents US 7,193,644 B2; US 8,139,089 B2; US 8,144,183 B2; US 8,144,184 B2; US 8,154,581 B2; US 8,164,614 B2 as well as negotiate licensing agreements.
Ron Carter, President states, "Revolutionary has fought diligently to develop its patented technology and create a use in the market place. Due to our current financial position we are at a disadvantage in protecting our portfolio from patent infringement. It is in the best interest of our shareholders to pursue an agreement that authorizes a company with the infrastructure, expertise, and wherewithal to bring this technology to market negotiating licensing agreements and protecting the patents from infringement. The revenue dollars generated from such an agreement could be utilized to develop the remaining patent applications as well as unrelated design concepts."
"This strategy to monetize the patent portfolio is something we have discussed for over two years. It is our opinion that such a move maximizes our company's valuation and furthers opportunities for the sale or licensing of the patents. Both parties are enthusiastically working towards the closing of a definitive agreement that could be projected at sixty times the current market value not inclusive of additional royalties or fees generated from licensing. We have a renewed commitment to pursue opportunities that bring value to our shareholders who have believed in this technology from the onset," states Solomon RC Ali, Sr. Vice President.
About Revolutionary Concepts, Inc.
Revolutionary Concepts, Inc. is a development stage company focused on the design and development of intellectual property (IP) rights, and trade names such as Eye Talk Communicator. We currently have 7 patents registered with the USPTO, with others pending. Our first 7 patents that have been awarded are related to an entry management system and give users the ability to remotely and interactively monitor via two-way communication and control an IP camera while using a personal communication device. Additional uses our IP include medical applications, and infant care technology. Revolutionary Concepts Inc. is headquartered in Charlotte, NC with consultants located throughout the United Sates. 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.