NEW YORK--(BUSINESS WIRE)--4Licensing Corporation (OTC Link: FOUR) has announced today that it has formed a new joint venture, Pinwrest Development Group, LLC (“Pinwrest”), to develop products utilizing a new patented technology for impact protection. The joint venture will develop and commercialize impact protection products featuring the isoBLOX™ Patent, which is a patented technology formulated to utilize a combination of energy dispersion and absorption to diffuse impact. The venture will be jointly owned by 4Licensing Corporation (“4LC”) and other individuals, with 4LC owning a 70 percent interest in Pinwrest. Beginning with the first quarter of 2013 reporting, 4LC will consolidate Pinwrest into its financial statements. The Company’s interest was fully funded by cash on hand, and required no debt or equity raises to complete the transaction.
“The formation of Pinwrest will enable us to develop and expand a patented technology offering impact protection that is both lightweight and flexible. I believe that isoBLOX™ has a number of potential applications in the sports, military, law enforcement, aerospace and medical fields. We look forward to developing impact protection products in a number of these fields, with a wide array of partners,” said Bruce R. Foster, Interim Chief Executive Officer. “We see impact protection as an important component in a number of applications and understand the long-term benefits of owning a majority interest in this patent,” Foster added.
The isoBLOX™ technology is already being used by Wilson Sporting Goods Company and by STX Lacrosse in a number of their products.
About 4Licensing Corporation (4LC) is a licensing company specializing in the youth oriented market. Through its subsidiaries, 4LC licenses merchandising rights to popular children’s television series, properties and product concepts, builds brands through licensing, develops ideas and concepts for licensing and has begun to forge new license relationships in the sports licensing industry and is developing private label goods that will be sold to retail or directly to consumers.
The information contained in this press release, other than historical information, consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors beyond the 4LC’s control, including general economic conditions, consumer spending levels, competition from toy companies, motion picture studios and other licensing companies, the uncertainty of public response to the company's properties and other factors could cause actual results to differ materially from 4LC’s expectations.