We understand the need for and favor transparency. Our concerns relate to unintentional consequences that may impact deal making and compliance issues related to the transfer of assets.
Portland, OR (PRWEB) January 10, 2013
Global Technology Transfer Group, Inc. (GTT Group) announced that Michael Lubitz, CEO and Chairman of GTT Group, will participate at the United States Patent and Trade Office USPTO Roundtable in Washington DC on January 11, 2013. GTT Group has expressed concerns related to competing government compliance requirements, materiality and confidentiality obligations, along with possible negative possible market impact related to strategic acquisition and market entry plans for entities wishing to reduce patent infringement related risk.
The USPTO is reviewing possible updates to the processes surrounding patent application and issuance and requirements regarding identifying the real party in interest as opposed to special purpose entities which are listed as assignees, but in fact are not the real owner. While GTT Group recognizes the need for transparency, the company is concerned about possible compliance conflicts, particularly in a transaction setting.
“We understand the need for and favor transparency,” Lubitz agreed. “Our concerns relate to unintentional consequences that may impact deal making and compliance issues related to the transfer of assets. One subject for discussion and to address is the use of a reasonable time period post deal to comply with recording requirements. In addition, many deals have multiple transfer steps and we are concerned with unnecessarily overburdening parties as assets change hands within a relatively short period of time. Other unintended negative consequences may relate to strategic acquisition initiatives and revealing future product releases based on strategic patent acquisitions. The roundtable represents an opportunity for leaders in industry, government, and academia to discuss the proposed real party in interest requirement and how to best implement.”
About Global Technology Transfer Group, Inc.
Global Technology Transfer Group, Inc. is a patent transaction advisory and consulting firm. GTT Group combines core competencies in patent valuation with its global network to deliver unparalleled results. GTT Group’s services include Patent Valuation, Patent Brokerage, Patent Acquisition, Patent Licensing Support, Patent Related Standards Analysis, Patent Research and Strategic Analysis. The company’s corporate headquarters are in Portland, Oregon, with representation in North America, Asia, and Europe.