Apple Renews Its Rights To Liquidmetal Technologies’ Metal Alloys
Apple has been interested in Liquidmetal Technologies advanced metal alloys for consumer electronics purposes and in 2010 Apple had signed an exclusive agreement with the company to provide Apple the rights to use its advanced metal alloys. Liquidmetal’s amorphous metal alloys or bulk metallic glasses possess a number of distinctive properties, like high strength, corrosion resistance despite being relatively light and the ability to be cast in various forms. These unique properties make Apple interested in using it for home buttons, touch sensors and tamper-resistant screws.
Since the last agreement was till February 2014, according to SEC filing Apple renewed its exclusive rights that extends till February 2015 now.
On May 19, 2014, Liquidmetal Technologies, Inc. (the “Company”) and Apple Inc. (“Apple”) entered into an second amendment (the “Second Amendment”) to the Master Transaction Agreement that was originally entered into on August 5, 2010 (the “MTA”) and amended on June 15, 2012 (the “First Amendment”). Under the MTA and the First Amendment, the Company was obligated to contribute to Crucible Intellectual Property, LLC, a special purpose subsidiary of the Company, all intellectual property acquired or developed by the Company from August 5, 2010 through February 5, 2014, and all intellectual property held by Crucible Intellectual Property, LLC was exclusively licensed on a perpetual basis to Apple for the field of use of consumer electronic products under the MTA. Under the Second Amendment, the parties agreed to amend the MTA and the First Amendment to extend the February 5, 2014 date to February 5, 2015.