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Crown Electrokinetics Corp. (NASDAQ: RCDR) today released an update highlighting the company’s IP Valuation Report. Shareholder updates from CEO Doug Croxall are included in full below.
Dear shareholders:
On April 4, 2022, we were pleased to announce the results of a leading third-party intellectual property valuation firm, which provided an valuation of Crown’s intellectual property (IP).
Crown’s intellectual property valuation indicated a combined fair market value (FMV) of patents and trade secrets of $94.4 million. The imminent rollout of Crown’s DynamicTint™ smart window insert to multiple customers is a critical step in support of this assessment.
This valuation of intellectual property was based solely on the immediate office property market in the United States. However, our proprietary DynamicTint™ technology has much broader applications, including international commercial building markets, residential windows and skylights, as well as multiple transportation industries. We believe that if we were to consider these other geographic markets and product categories, the value of Crown’s intellectual property would potentially exceed $94.4 million.
For those new to Crown Electrokinetics, I want to share with you a brief history of these assets. In April 2015, Hewlett Packard sold certain assets that became the basis for the creation of Crown Electrokinetics, including its initial intellectual property portfolio. Since 2015, Crown has continuously increased its patent and trade secret assets by innovating and developing unique technologies and processes.
This third-party intellectual property valuation report reaffirms the substantial value of Crown’s intangible assets and underlying intellectual property rights. As Crown continues to innovate and invent, we intend to protect and further develop our intellectual property portfolio.
As I mentioned in my previous letter to shareholders, I will continue to communicate with you periodically on our overall progress and share more interesting news.
Good for youDoug CroxallCEO