INSIDE Secure to sign a new NFC technology and IP license agreement with Intel

AIX-EN-PROVENCE, FRANCE: NSIDE Secure intends to enter into a new agreement with Intel Corp., building on the relationship initiated with their NFC technology license agreement in 2011.

Under the terms of the contemplated agreement, INSIDE Secure would:

* extend the current worldwide, perpetual license into a broad, royalty-free and fully paid-up license, with INSIDE Secure retaining ownership of most of the related IP assets and rights.

* transfer to Intel its MicroRead-v5 next-generation NFC hardware and software modem technology currently under development together with certain related tangible and intangible assets, including certain IP assets.

* receive from Intel $19.2 million in cash at closing.

Moreover, Intel would offer employment to certain INSIDE Secure employees based in France and California.

The execution of the agreements is intended to take place upon completion of an "information and consultation" process with INSIDE Secure's works council in France and is subject to customary signing and closing conditions.

The transaction is expected to be strongly accretive to INSIDE Secure's earnings in 2014, both thanks to the license revenue and on-going reduction in operating expense.