Vancouver, Canada – March 10, 2014 – Moimstone Corporation (“Moimstone” or the “Company”) (TSX-V: MSE) announces it has entered into a license agreement relating to third party intellectual property (“IP”) relating to certain protocols incorporated into the Company’s voice over internet protocol (“VoIP”) products.
As a result of its own review of the cost of its products in North America, the Company determined that it may have exposure for license fees payable to a third party in respect of the Moimstone VoIP products sold in the Republic of Korea. The Company approached the holders of the relevant IP rights and negotiated a comprehensive licensing package for the historical and future uses of the IP. License fees in respect of the historical use amount to less than
1% of Moimstone’s cost of production for this time period, with ordinary course license fees payable in respect of future sales.
Rob Bakshi, President of Moimstone commented: “As a technology company we are constantly monitoring the state of the art in all areas in order to add cutting edge functionality to our products and we are delighted to have made arrangements to include the feature set provided by this patent portfolio into our product line.”