Today, a Securities and Exchange Commission filing revealed that Liquidmetal Technologies has agreed to license its ongoing intellectual property development to Apple for an additional two years. The agreement, is made through a subsidiary known as Crucible Intellectual Property, LLC, provides Apple with a full license to use all of Liquidmetal’s intellectual property for commercialization in consumer electronics.
Under the MTA [Master Transaction Agreement], the Company was originally obligated to contribute to Crucible Intellectual Property, LLC, a special purpose subsidiary of the Company, all intellectual property acquired or developed by the Company through February 5, 2012, and all intellectual property held by Crucible Intellectual Property, LLC is exclusively licensed on a perpetual basis to Apple for the field of use of consumer electronic products under the MTA. Under the Amendment, the parties agreed to amend the MTA to extend the February 5, 2012 date to February 5, 2014.
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.
The original deal required Liquidmetal to submit all of its intellectual property discoveries to the subsidiary through February 5, 2012. However, as of last Friday, the agreement has been extended through February 5th, 2014.
In 2010, Apple acquired the rights to Liquidmetal’s amorphous metal alloys after reportedly having tested the material in the iPhone 3G SIM eject tool. However, since the technology is still pretty new, broader use of the Liquidmetal’s alloys is still likely years away.