Ottawa-based mobile business software firm TrueContext (TSX-V:TMN) announced Tuesday it has increased its liquidity by selling several patents for slightly more than half a million dollars.
The firm said in a news release it had agreed to sell the some of its domestic and international patents in exchange for US$570,000.
“We have improved our financial position and liquidity to continue focusing on growing our ProntoForms business,” said Alvaro Pombo, the firm’s chief executive officer, in a statement.
“At the same time, we do not expect any impact on our day-to-day operations because we retain the ability to incorporate the sold technology into our current and future products.”
The firm declined to say who bought the patents because of “confidentiality restrictions,” the news release said.
TrueContext sells products, such as its flagship software ProntoForms, that allow workers to access business applications from their mobile phones.
The company posted a growth in revenue in 2012, its fourth-quarter earnings report said, jumping 59.9 per cent to $2.49 million. Its losses decreased from $2.77 million in 2011 to $1.98 million last year.