(MENAFN- ProactiveInvestors - N.America) ITUS Corporation (OTCQB:ITUS), a company which generates revenue from its patents, says it has authorized a stock buyback program of up to $5 million over the next two years.
The program authorizes shares to be repurchased in open market transactions or privately, and may be discontinued at any time, ITUS said.
The timing and number of shares bought back will be subject to several factors including share price, market and business conditions and corporate events, it added.
ITUS has 10 patent portfolios in areas such as encrypted cellular communications, key-based web conferencing encryption and other technology fields, and makes money off its patents via lawsuits or license agreements.
It is just weeks away from a trial that is expected to fetch the company some $300 million. The trial, which was filed in January 2013 and is set to begin November 10, is against Au Optronics, and is tied to ITUS's e-paper electrophoretic display and nano field emission display patents.
Earlier this week, the company announced that its J-Channel Industries subsidiary signed another settlement and licensing deal for its window frame construction technology, representing the 14th licensing agreement signed under this patent.
ITUS, which officially changed its name in early September from CopyTele to better align with its new business strategy, had 15 revenue-generating license agreements from three of its patent assertion programs prior to this latest deal.
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