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TORONTO, ONTARIO--(Marketwired - May 4, 2016) - TransGaming Inc. (TSX VENTURE:TNG) announced today that on April 20, 2016 it assigned all rights, title and interest in the Company's SwiftShader technology, including TransGaming patents, licensed know-how and licensed intellectual property ("IP"), to an arm's length third party for total cash consideration of US$1.25 million. This agreement resulted from a process that management undertook to review and evaluate alternatives for this IP. As outlined in its recent financial filings for the third quarter ending February 29, 2016, management's intended use of proceeds is for strategic transactions to enhance shareholder value however there are no assurances that any strategic transactions will result in an incremental net benefit to shareholders. |
