Liquidmetal Technologies, Inc. and Apple, Inc. Renew Rights


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OTC:BB:LQMT / NASDAQ:AAPL
05/22/2014 [ACCESSWIRE]

Liquidmetal Technologies, Inc. (OTCQB: LQMT) saw its share volume skyrocket on May 22nd with 25,680,437 shares exchanging hands, over five times higher than its three month daily average volume of 4,365,017 shares.

This surge in volume comes after Liquidmetal Technologies, Inc., the leading developer of bulk alloys and composites that utilize the performance advantages offered by amorphous alloy technology, and Apple, Inc. (NASDAQ: AAPL) entered into a 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.

In addition, earlier this week LQMT announced that it has signed an amended sublicense agreement with Visser Precision Cast LLC (VPC) that Liquidmetal believes will accelerate the adoption of amorphous metal technology to the benefit of both companies. Under the new agreement, Liquidmetal is freed from its commitment to use VPC as its exclusive contract manufacturer, and VPC is freed from its commitment to use Liquidmetal as its exclusive sales and R&D channel. In addition, the companies have agreed to dismiss their private arbitration and have settled and released all claims and disputes between them.

"We are pleased to have reached this agreement with VPC, as we believe it is in the best interests of both companies," said Tom Steipp, President and CEO of Liquidmetal. "Under the new agreement, Liquidmetal is able to enter into contracts with other manufacturers to serve a broad array of specialized industries and geographies. We expect a network of manufacturers to leverage their customer relationships to readily identify promising applications, and to leverage their quality certifications and qualified supplier status to rapidly qualify parts for production. We believe that the ultimate beneficiaries will be our customers, who we expect will see, given multiple sources of supply, a more dynamic market for amorphous metal products with faster deployment of commercial technology and broader product offerings in all our target markets. We expect this arrangement to enable overall market growth to occur at a much more rapid rate."

Under the terms of the amended sublicense agreement, VPC will have rights to manufacture, market, and sell amorphous metal products directly to customers, and it will retain a license to the full portfolio of technology developed by Liquidmetal that exists as of the date of the agreement. Liquidmetal will have rights to contract with manufacturers of its choosing, and it will retain exclusive rights to any technology that Liquidmetal develops after the date of the agreement. The companies will work together to complete certain projects that VPC currently is manufacturing for Liquidmetal customers, and the companies may choose to work together in the future on a project-by-project basis.

LQMT closed the day at $.189, down 5.74% from its previous close of $.20.

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