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Metro One Telecommunications Sells Surplus Intellectual Property Portfolio
| Source: Metro One Telecommunications, Inc.
PORTLAND, OR--(Marketwire - May 12, 2008) - Metro One Telecommunications, Inc. (NASDAQ : INFO ) announced today that it has sold a large portfolio of surplus
intellectual property to a subsidiary of kgb, formerly INFONXX, Inc., a
provider of live operator directory assistance services headquartered in
New York City. The consideration received was $8 million in cash.
The portfolio consisted of 49 issued and 78 pending patents in North
America and numerous trademarks and domain names that were developed
originally for use in Metro One's discontinued live operator directory
assistance business unit. Metro One retains ownership of a data
management and analytics patent and a pending application that are pivotal
to its continuing business model which is focused on providing data, data
processing and analysis services, and contact services to business
customers. Metro One will also continue to provide electronic directory
assistance services via the Internet using its industry leading daily
updated directory assistance data. As part of the transaction, Metro One
licensed its retained data patent and rights under its pending patent
application to kgb for use only by or for kgb.
"This patent portfolio was built to support our live operator directory
assistance business unit, which is no longer the focus of our
organization," said Jim Hensel, CEO of Beaverton-based Metro One. "By
selling this surplus portfolio at a reasonable value, we now have
sufficient financial stability to implement our plans in contact services
and data base services, including electronic data management."
The transaction was completed less than two months after the Company
announced its intentions to exit an unprofitable live operator directory
assistance business.
About Metro One Telecommunications
Based in the Portland, Ore., suburb of Beaverton, Metro One
Telecommunications, Inc. (NASDAQ : INFO ), is an information services
provider, offering inbound and outbound contact services, data and
analytics, and related services.
Safe Harbor Statement
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements, including, but not limited to, factors detailed
in the Company's Securities and Exchange Commission filings. The forward-
looking statements should be considered in light of these risks and
uncertainties.