The company, which acquires, enforces and makes money from its patents via lawsuits and settlement agreements, said the deal represents its 31st settlement and/or license agreement for its J-Channel window frame construction patent.
In fiscal 2014, or the 12 months ending October 31, 2014, the company completed 27 license agreements in connections with its J-Channel and key based web conferencing patent portfolios.
ITUS said the newest agreement resolves a patent infringement lawsuit, which will now be dismissed.
“Despite being hampered by a very crowded Court docket in the Eastern District of Tennessee, we have now entered into 31 J-Channel agreements since we started this assertion campaign back in August of 2013," said president and chief executive officer, Robert Berman.
"The remaining defendants from our lawsuits are Clayton Homes, the leading manufactured and modular home manufacturer in the U.S., and its supplier Kinro Manufacturing, which is owned by Clayton."
The company said that the Tennessee District Court entered its scheduling order about a month ago, allowing for the remaining lawsuits to proceed. A claims construction hearing is now scheduled for July 14, this year.
ITUS, which currently has 10 patent portfolios in areas such as encrypted cellular communications and key-based web conferencing, generated total revenue of $9.135 million in the three months to January 31, compared to nil in the same period a year earlier.
The gigantic increase was tied to its settlement with AU Optronics in December, which resolved a contract dispute between the two parties stemming from two development and license deals signed back in May 2011. The fight was to do with ITUS's nano field emissions display technology patent, which is now unencumbered and ready for development.
Cash and equivalents at quarter end stood at $7.8 million, up from $3.36 million at the end of October, 2014.