PAID Proposes Spin-Offs
Continuing operations and personnel changes it's been undergoing for the past two years, Westborough-based entertainment management and marketing company PAID Inc. has announced it plans to form subsidiaries to handle various parts of the business.
The company said it will form two new subsidiaries for its celebrity services operations and for managing its patent portfolio. According to PAID, these structural changes are designed to enable the company to eventually spin off the celebrity and fulfillment services operations into one or more public companies.
CEO Greg Rotman said, "We believe the separate corporate entities for managing the patent portfolio and celebrity services will help to best manage PAID's assets and foster future growth for PAID and our shareholders."
PAID also said it's continuing to work toward monetizing its intellectual property (IP) for online shipping calculations systems and methods. The latest step of the plan includes gaining approval for its third patent, which is in progress.
The company also announced it's working with the law firm of Hunton & Williams LLP on its IP matters to allow for counseling by a team, versus a single attorney.
"We firmly believe that our IP is extremely valuable and are aggressively pursuing monetization strategies that have been developed in conjunction with our team of legal experts who are some of the best in the patent law field," Rotman said. "PAID has dedicated additional staff resources to drive the IP monetization strategy to fruition. Going forward, our primary focus will be on licensing and protection from infringement."
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