Marathon Patent Group, Inc. Acquires Foundational Patent Portfolio
Formerly American Strategic Minerals Corporation Completes Merger With Sampo IP LLC and Approves Name Change to Reflect Newly Acquired Patent Business
LOS ANGELES, CA, Nov 20, 2012 (Menafn - MARKETWIRE via COMTEX) --American Strategic Minerals Corporation and Sampo IPLLC today announced that they have completed a merger.
As stated in its 10Q filing made with the Securities and ExchangeCommission on November 13, 2012, a majority of the Company's votingcapital voted and authorized the Company to change its name to"Marathon Patent Group, Inc." (the "Company" or "MPG"). The namechange is expected to better align the Company with its new strategicdirection.
With the transaction, MPG has acquired the outstanding capital ofSampo IP LLC. As a result of this transaction, MPG will own a patentportfolio consisting of three patents and one open application. Thepatents recite systems and methods for centralized communication bystoring information and pushing notifications to group participants,providing links to portions of the stored information whilerestricting access to other portions of the stored information, andpushing notifications to user peripheral devices. The patents andapplication have a priority date of March 1998.
MPG also announced the naming of patent monetization veteran DougCroxall as the company's Chief Executive Officer and Chairman. Mr.Croxall was previously the founder and CEO of LVL Patent Group, thepatent holding company that owned the Sampo portfolio. Mr. Croxallhas spent nearly the last decade focused on preserving and enforcingpatent holders rights, not limited to the successful prosecution,licensing and monetization of certain intellectual property assets."We are pleased to announce the successful closing of the shareexchange and consider it to be the first step towards the creation ofa global company focused on patent creation, development andmonetization. We, along with our partner IP Navigation Group, lookforward to working towards building material shareholder valuethrough the monetization of our current patent portfolio, theacquisition of additional intellectual property assets, and thepartnering with other patent holders who seek to enforce their patentrights," said Mr. Croxall.
In conjunction with the merger, Mark Groussman has stepped down fromhis role as Chief Executive Officer of the Company. John Stetson, theCompany's former President and Chief Operating Officer, has beennamed CFO of MPG.
"I'm excited to be a part of the MPG team. Our model is uniquewhereby we can work together with companies rich in intellectualproperty, but who might not be properly capitalized to protect theirintellectual property rights as patent holders. When not properlyprotected, intellectual property can and will lose its value. Workingwith MPG can provide leverage and resources previously not availableto these harmed companies, essentially leveling the playing fieldagainst those previously profiting from the unauthorized use ofothers patented inventions," added Mr. Stetson.
About the Company:
Marathon Patent Group, f/k/a American Strategic Minerals Corporation,is engaged in the acquisition, development and monetization ofintellectual property through both the prosecution and licensing ofits own patent portfolio, the acquisition of additional intellectualproperty, or partnering with others to defend and enforce theirpatent rights.
Forward Looking Statements
Certain statements in this press release constitute "forward-lookingstatements" within the meaning of the federal securities laws. Wordssuch as "may," "might," "will," "should," "believe," "expect,""anticipate," "estimate," "continue," "predict," "forecast,""project," "plan," "intend" or similar expressions, or statementsregarding intent, belief, or current expectations, areforward-looking statements. While the Company believes theseforward-looking statements are reasonable, undue reliance should notbe placed on any such forward-looking statements, which are based oninformation available to us on the date of this release. Theseforward looking statements are based upon current estimates andassumptions and are subject to various risks and uncertainties,including without limitation those set forth in the Company's filingswith the Securities and Exchange Commission (the "SEC"), includingthe Current Report on Form 8-K, filed with the SEC on November 20,2012, and the Risk Factors relating to its patent business containedtherein. Thus, actual results could be materially different. TheCompany expressly disclaims any obligation to update or alterstatements whether as a result of new information, future events orotherwise, except as required by law.
Marathon Patent Group
SOURCE: American Strategic Minerals Corp
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