Peerless Systems sells assets to Kyocera Mita Corp.
Shares of Peerless Systems Corp. (Nasdaq: PRLS) are rocketing in pre-market after the provider of imaging and networking technologies said it will sell substantially all of its intellectual property and other assets to long-time customer Kyocera Mita Corp. for $37 million in cash.
The intellectual property and assets are associated with Peerless' digital imaging software, and include all of Peerless' patents, as well as specific fixed assets.
Under the terms of the agreement, Kyocera Mita will issue Peerless a non-exclusive, worldwide, perpetual and royalty-free license on the transferred technologies, which will enable Peerless to continue serving current and prospective OEM customers, as well as develop new intellectual property to use in future products and services.
Shares of Peerless Systems (PRLS) bolted 51.68%, or $1.23, to $3.61 in pre-market. Shares of Peerless Systems have been trading in the range of $1.69 to $3.70 for the past 52 weeks.
