UnitedCorp to Enforce on Patent Infringement against Snap Inc. for its use of Geo-location Based Filters
UnitedCorp claims all rights to dedicated mobile content sharing technology with digital integration of users'…
MIAMI, July 17, 2017 /PRNewswire/ – Miami-based United American Corp (UnitedCorp), (OTC: UAMA) announced today that within the context of its legal and enforcement actions for patent infringement against Snap Inc. (NYSE: SNAP) related to Snap’s use of geo-location based filters, it has released highlights of a third party valuation report completed by TechInsights witch was commissioned to review and value the company’s technology rights of the iFramed patent global portfolio. The use of geo-location based filters is currently a critical component for the monetization of social media networks.
With over 240 engineers and analysts, TechInsights is one of the world’s foremost authorities for evaluating and establishing patent commercial value. The TechInsights valuation is based on various scenarios including negotiated value, litigated value, and discounted cash flows arising from imputed royalties within potentially infringed markets. TechInsights concluded that based on imputed royalties for the iFramed patent family under current market conditions, the valuation for the patent family ranged from US$227 million in a litigation scenario to US$1.8 billion with central negotiation value for the portfolio at US$1.04 billion.
UnitedCorp holds all technology rights related to iFramed’s dedicated mobile content sharing technology with digital integration of users’ selectable external content based on their location through its wholly-owned subsidiary, iFramed Canada Ltd. The technology is the basis for SnapChat’s ”GeoFilters” provided to subscribers for photos and videos based on geo-location. Snap Inc. is a provider of image and video‐based social media services with head office in Venice, California.
As announced on July 11th, UnitedCorp will continue to pursue and enforce legal actions on Snap’s infringement of the iFramed technology. The current lawsuit states that Snap has focused its core monetization strategy on the basis of the iFramed patent portfolio.
While Snap does hold a US patent for; ”Apparatus and method for supplying content aware photo filters” as well as a recently acquired patent; ”Methods and systems of providing visual content editing functions” these do not permit the use of a dedicated mobile content sharing technology with digital integration of users’ selectable external content based on their location as is used in the SnapChat’s ”GeoFilters”.
“Even with these patents Snap cannot use its ”GeoFilters” without infringing on iFramed technology and they will need to cease doing so immediately.” stated Benoit Laliberte, UnitedCorp’s President.
UnitedCorp is also reviewing its rights and options with respect to use of the technology on other major social networks further to the global trend for using next generation integrated geo-localization branded user generated content into their platforms.
The company recently announced that is in the process of completing a Form 10 for submission to the US Securities and Exchange Commission and is also currently evaluating alternative exchanges for its currently trading securities.
iFramed is a dedicated mobile content sharing application and platform which allows its users’-originated content to be posted in real time on their social media accounts with a digital integration of external content selectable by its users based on their geo-location and other criteria. iFramed, the world’s first and only social media posting gateway technology and next generation social network content sharing platform.
UnitedCorp is a Florida-based company with a strategic focus on telecommunications, information technologies as well as the business and technologies of social media. For more information, visit: www.unitedcorp.com
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company’s control. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management’s expectations or opinions change.
SOURCE United American