CopyTele, Inc. (COPY.OB) Indian Government Approves License Agreement Between CopyTele and Videocon Industries Limited of India
CopyTele, Inc., a developer, producer, and marketer of thin, flat, low-voltage phosphor displays and multi-functional encryption products, announced that the Indian Government has approved the license agreement between CopyTele and Videocon Industries Limited, a 3.5 billion dollar U.S. flagship company of the Videocon Group, under which Videocon will manufacture and market products, including TVs, utilizing CopyTele’s display technology. The approval of the Indian Government was the sole condition to effectiveness of the license agreement. CopyTele will receive a license fee of $11 million from Videocon, which is payable in installments over a 27-month period, and a royalty based on display…