ADA, Michigan, May 5 /PRNewswire/ --
- Acquisition Bolsters Fulton Innovation's Industry-Leading Patent Portfolio in the Wireless Power Technology Industry
Alticor Inc. today announced that one of its subsidiaries has acquired the business and assets of Cambridge, U.K.-based Splashpower Limited in Administration (Splashpower), a developer of wireless power technology. Terms of the deal were not disclosed. Alticor owns Fulton Innovation, the exclusive licensor of eCoupled(TM) Intelligent Wireless Power technology.
The acquisition reinforces Fulton's industry-leading position in the rapidly growing wireless power industry by expanding both the breadth and depth of Fulton's substantial patent portfolio, comprised of over 250 patents granted or pending worldwide.
"Today's acquisition reaffirms Fulton's commitment to the continued development and commercialization of wireless power," said Dave Baarman, director of advanced technologies for Fulton Innovation. "By combining our own robust patent portfolio with Splashpower's, we continue to strengthen and expand our capabilities in the development of wireless power as well as our global presence. We are extremely fortunate to have the backing and support of our parent company, Alticor."
The assets of Splashpower were acquired out of the Administration process. Graham P. Bushby and Lynn R. Bailey of accountancy and business advisory firm Baker Tilly were appointed Joint Administrators for Splashpower on March 26, 2008.
Alticor Inc. was advised by Bryan Cave LLP on the transaction.
About Fulton Innovation and eCoupled(TM) Technology
A subsidiary of Alticor, Fulton Innovation is dedicated to commercializing new and innovative technologies that improve the way we live, work and play. Fulton is working with a wide range of industry-leading companies to integrate eCoupled technology into infrastructure and electronic devices to enable consumers to live a truly wireless life.
The engineers behind eCoupled have been developing, advancing, and perfecting the technology for over 10 years. eCoupled technology has been incorporated into Amway's eSpring(TM) water purification devices for seven years, with over 1.5 million devices sold in over 36 countries worldwide to date.
Alticor employs more than 13,000 people worldwide, including over 450 engineers and scientists. Alticor has sales of more than US$7 billion annually. It is headquartered in Ada, Michigan and has operations in more than 80 countries and territories worldwide.
For additional information, please visit fultoninnovation.com or ecoupled.com.
About Splashpower
Privately held Splashpower Ltd., based in Cambridge, U.K., was a leader in wireless power technology development and a public pioneer and early champion for commercialization of wireless power technology. Its inductive charging technology enables power to be transferred without wires to a range of mobile devices.
Web site: http://www.mww.com
Angelica Quinonez of MWW Group, +1-415-395-5916, ecoupled@mww.com, for Fulton Innovation
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