Carmanah Technologies Corp. said it acquired a portfolio of patents and patent applications from Stop Experts, Inc. and R.D. Jones.
The patents, issued by the US Patent and Trademark Office, as well as additional patent applications, all relate to traffic control devices, most specifically Rectangular Rapid Flashing Beacons (RRFB).
RRFB devices are deployed in mid-block crosswalks, are pedestrian actuated and have a unique flashing pattern.
“Total consideration to be paid for the patent portfolio will be $2.4 million,” said Carmanah Technologies.
“Payment is comprised of a lump sum initial payment together with a series of 48 monthly payments that will end in 2022.
“As a result of the transaction the patent infringement claims and litigation against the company originally disclosed on August 8, 2013 will be dismissed.”