COSTA MESA, CA /PRNewswire-FirstCall/ -- Irvine Sensors Corp. announced that it has entered into an agreement with Aprolase Development Co., LLC, to sell a substantial number of Irvine Sensors' patents and patent applications to Aprolase for an aggregate purchase price of up to $9.5 million in cash. The assets in the transaction, which have yet to be finalized, are based upon Irvine Sensors' systems, sensors, and electronics packaging technologies. The consummation of the transaction is subject to certain closing conditions being met, including the consent to the sale by Irvine Sensors' secured creditors. The parties are also currently negotiating the terms of a license agreement, pursuant to which Aprolase is expected to license back to Irvine Sensors the patented technology for royalty-free, worldwide use. Irvine Sensors and Aprolase have agreed to try to close the transaction in January 2009; however, either party can terminate the agreement under certain conditions if the transaction has not closed by the middle of March 2009.
John Carson, Irvine Sensors Chairman of the Board and CEO, said, "We have been investigating means to monetize our patent assets for some time. The Aprolase proposition has the potential immediate liquidity and balance sheet improvement that we have been seeking. It also could influence our business model since our research and development business has historically generated a substantial number of patentable innovations every year, which might form the basis for additional transactions of this kind in the future."
About Irvine Sensors
Irvine Sensors Corp., headquartered in Costa Mesa, CA, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors, and stacked chip assemblies and research and development related to high-density electronics, miniaturized sensors, optical interconnection technology, high-speed network security, image processing, and low-power analog and mixed-signal integrated circuits for diverse systems applications.