(1888PressRelease)
April 24, 2008 - ITT Licensing™, a South Florida-based leader in product licensing for more than a decade, has secured a multi-year licensing agreement for a trucking accessory from its roster. As part of the terms of the agreement, the inventor receives a 4 figure, non-refundable acquisition fee from the licensee.
The Ohio-based inventor of the product that is the subject of the agreement had been working with one of the invention assistance firms whose clients ITT serves as the exclusive licensing agent for since mid-2004. The invention information had been sent to over 100 companies during this period, but none had expressed sufficient interest in the item to enter licensing negotiations.
The licensee of the product, also headquartered in Ohio, has been in business for 16 years and first took an interest in the invention after reviewing preliminary, non-confidential informaton on it in mid-August 2007. After signing the requisite non-disclosure agreement, they received access to all of the detailed design information available on the product later that same month.
The company eventually opted to sign an exclusive developmental agreement with ITT Licensing™ for the invention in early December after determining it had a high degree of potential. Following a period of intensive research and development that included numerous face-to-face meetings with the inventor, the company decided to enter into a long-term commitment to the product.
The licensing agreement is for multiple years and features a very competitive royalty rate in addition to the aforementioned acquisition fee. The patent application process for the invention has also been initiated with a registered independent patent attorney.
About ITT Licensing™: ITT Licensing™ is the trade name for International Technology Transfer, Inc., a South Florida based leader in the field of new product licensing and intellectual property transfer for more than a decade.
