Inventergy Global, an
intellectual property (IP) that identifies, acquires and licenses patented
technologies of market-significant technology leaders, has reorganized various
components of the product-based businesses of its eOn Communications Systems, Inc.
(“ECS”) subsidiary. The move is aligned with Inventergy’s broader growth
strategy and is expected to increase earnings, reduce costs, improve cash flow
and build shareholder value.
As part of the operational
reorganization, ECS’s products and services are divided into three lines:
• A
royalty bearing agreement with a third party for use of a private branch
exchange business purchased from Inventergy’s predecessor, eOn Communications
Corporation (“ECC”)
• A
valued-added reseller business of biometric security and access control
products
• A
new business that provides outsourced sales, marketing and technical support
services to business partners in the security products and services industry.
In addition, ECS has terminated a
legacy business acquired as part of the company’s June 2014 merger with ECC.
The resources from this business, which provided distribution services of
facility security and access control products, has been redeployed to ECS’s
biometric security and access control product line. ECS is managed by its
president, Stephen Swartz.
The termination of the business
and sale of remaining inventory and accounts receivables netted approximately
$200,000 in cash for Inventergy. As a result of all of these changes,
Inventergy expects the ECS subsidiary to be profitable and cash positive in the
second quarter of 2015.
“We believe the restructuring of
ECS supports our corporate growth strategy and enhances Inventergy’s business
by adding additional revenue streams to our core licensing programs,” Joe
Beyers, chairman and CEO of Inventergy, said in the news release. “Stephen
Swartz has been instrumental in turning ECS into a business with increased
operational profit potential. With Stephen at the helm of ECS, it allows the
Inventergy management team to focus our energies on driving our core patent
licensing, monetization and patent asset acquisition initiatives.”
For more information, visit
www.inventergy.com
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