“According to an SEC document filed on Wednesday, Apple and Liquidmetal have entered a deal to extend an exclusive license to use the exotic metal in consumer products through February 2015, marking the second time the companies decided to prolong their mutual agreement,” Mikey Campbell reports for AppleInsider.
“The Securities and Exchange Commission filing notes the companies entered into a second amendment to the original exclusive rights deal first signed in August 2010, which was itself extended in 2012 under a first amendment,” Campbell reports. “Liquidmetal is classified as an amorphous, non-crystalline material and is some 2.5 times stronger than titanium alloy commonly used in consumer products. The alloy is also 1.5 times harder than stainless steel found in portable electronic devices. Before Apple’s exclusive license, Liquidmetal was first [used in] consumer products in 2003 in medical equipment, sporting goods and special applications by the U.S. Department of Defense.”
Campbell reports, “The new agreement gives Apple another year of exclusivity before patent rights revert back to Crucible Intellectual Property, a wholly-owned subsidiary of Liquidmetal Technologies.”
Read more in the full article here.
MacDailyNews Note: The Apple-Liquidmetal deal is basically this: Apple contributes engineers and R&D – basically figuring out how to practically make Liquidmetal into commercial parts – and contributes their inventions back to Liquidmetal (via Crucible Intellectual Property, LLC, a Liquidmetal subsidiary) which gets to use Apple’s inventions in fields other than consumer electronics (sporting goods, aviation, medical, military, etc.). In exchange, along with an already-paid one-time license fee of US$20 million, Apple owns sole rights to use Liquidmetal in electronics via “a perpetual, worldwide, fully-paid, exclusive license to commercialize such intellectual property in the field of consumer electronic products.”
Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement.
On May 19, 2014, Liquidmetal Technologies, Inc. (the “Company”) and Apple Inc. (“Apple”) entered into an second amendment (the “Second Amendment”) to the Master Transaction Agreement that was originally entered into on August 5, 2010 (the “MTA”) and amended on June 15, 2012 (the “First Amendment”). Under the MTA and the First Amendment, the Company was obligated to contribute to Crucible Intellectual Property, LLC, a special purpose subsidiary of the Company, all intellectual property acquired or developed by the Company from August 5, 2010 through February 5, 2014, and all intellectual property held by Crucible Intellectual Property, LLC was exclusively licensed on a perpetual basis to Apple for the field of use of consumer electronic products under the MTA. Under the Second Amendment, the parties agreed to amend the MTA and the First Amendment to extend the February 5, 2014 date to February 5, 2015.
The foregoing does not purport to be a complete description of the Amendment and is qualified by reference to the full text of such agreement, which will be filed with the Company’s next Quarterly Report on Form 10-Q.
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Liquidmetal ships first amorphous alloy production parts – November 16, 2012
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Liquidmetal Technologies filing outlines its multimillion dollar agreement with Apple – March 31, 2012
Apple granted its first Liquidmetal patent – January 5, 2011
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