NeoMagic to sell patents to Samsung

NeoMagic Corp., a provider of applications processors for handheld systems, announced that it has entered into an agreement to sell four patents to Samsung Electronics Co. Ltd for net proceeds of approximately $1 million. The sale is expected to close by June 30. NeoMagic will retain a worldwide, non-exclusive license under the patents to be sold.

According to NeoMagic, the patents to be sold are not relevant to its ongoing patent licensing efforts. In addition, the pending sale does not include any of the patents covering the processing technology used in NeoMagic's MiMagic applications processors.

During the negotiations that led to the agreement, NeoMagic was represented by The Consortium for Technology Licensing Ltd. NeoMagic and The Consortium said they continue to explore other opportunities to generate additional revenue from NeoMagic's remaining patents.