Wi-LAN Inc. (TSE:WIN), a Canadian owner of patents for technology used in mobile phones, edged higher after entering a license agreement with Turbine Inc. for avatar technology.
The shares tacked on 0.3 percent to C$3.40 at 2:19 p.m. in Toronto, trimming this year's losses to 25 percent.
The Ottawa-based company said in a statement yesterday that its Treehouse Avatar Technologies unit clinched a license agreement with Turbine to end pending litigation between the two companies. Terms weren’t disclosed.
Treehouse was established to license certain patent assets of a corporation founded by the inventors of this technology. A share of the licensing revenue generated will be paid to the inventors' corporation.
WiLAN's Gladios division is responsible for day-to-day management and execution of the licensing partnership program.
WiLAN, founded in 1992, has licensed its intellectual property to over 275 companies worldwide.