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News & Press: Press Releases

Licensing Executives Society 2005 Deals of Distinction Awards Announced

Tuesday, October 18, 2005  
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Phoenix, Arizona - October 18, 2005 - The Licensing Executives Society (USA and Canada), Inc. (LES) is proud to announce the winners of its inaugural Deals of Distinction Award program. The LES Deals of Distinction Award is a new industry sector level award which aspires to recognize worthy licensing deals and promote creative and innovative solutions to business issues involving contracts announced over the prior year, in each of the six recognized LES Industry Sectors. These awards are being announced in conjunction with the LES 2005 Annual Meeting, taking place October 16th to 19th in Phoenix, Arizona.

-- GOJO Industries, Inc and Pfizer Consumer Health win the Consumer Products Sector Award --

-- NASA's Glenn Research Center with GLITeC, Maverick Corp and Triton Systems Inc win the Chemicals, Energy and Materials Sector Award --

-- UCC Capital Corporation, BCBG Max Azria Group, New York Life Investment Management and IP Innovations Financial Services win the Financial Markets Sector Award --

-- GlaxoSmithKline and Theravance win the Healthcare Sector Award --

-- GE and Motorola win the High Technology Sector Award --

-- The Cleveland Clinic Foundation and Stryker Corporation win the Industry/University and Government Laboratory Transactions (IUGT) Sector Award --

About the LES Deals of Distinction Awards Program
The LES Deals of Distinction Awards Program, aspires to recognize worthy licensing deals and promote creative and innovative solutions to business issues involving contracts. Nominations with the support of a LES member are considered and recommended by the LES Deals of Distinction Awards Committee, with input from the industry, and ratified by the LES Executive Committee. The criteria for the 2005 awards include distinctive deals in structure or objective, announced in 2004, with at least one party having a presence in the U.S.A. and Canada. While opinions are solicited on the nominees, the ultimate winners are chosen exclusively by the leadership of LES (USA and Canada), Inc, and their specifically delegated representatives.

About the LES 2005 Annual Meeting
Anticipate to attract more than 1,200 registrants, the 41st Annual Meeting of the Licensing Executives Society (U.S.A. and Canada), Inc. is being held October 16th-19th 2005 at the JW Marriott Desert Ridge in Phoenix, Arizona. The theme of this year's annual meeting is "Tools for Licensing in the 21st Century."

About Licensing Executives Society (U.S.A. and Canada), Inc.
Established in 1965, the Licensing Executives Society (U.S.A. and Canada), Inc. (LES) is a professional society comprised of over 6,000 members engaged in the transfer, use, development, manufacture and marketing of intellectual property. The LES membership includes a wide range of professionals, including business executives, lawyers, licensing consultants, engineers, academicians, scientists and government officials. Many large corporations, professional firms, and universities comprise the Society's membership. Licensing Executives Society (U.S.A. and Canada), Inc. is a member society of the Licensing Executives Society International, Inc. (LESI), with a worldwide membership of over 12,000 members in 30 national societies, representing over 80 countries. For more information on LES, please see our website at

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Ken Schoppmann
Executive Director
Licensing Executives Society (USA and Canada), Inc.

Abbie Fink
HMA Public Relations
(602) 957-8881

Jake Schaible
Chair, LES Deals of Distinction Award Selection Committee
(317) 679-4579

-- GOJO Industries, Inc and Pfizer Consumer Healthcare win the LES Deals of Distinction Consumer Products Sector Award --

Phoenix, Arizona - October 18, 2005 - The LES Consumer Products Industry Sector recognizes GOJO Industries, Inc, QualPak, LLC (an affiliate of GOJO) and the Pfizer Consumer Healthcare division of Pfizer Inc, for their involvement in the "PURELL® Instant Hand Sanitizer Alliance".

Prior to this agreement, GOJO marketed PURELL® -- the #1 brand of instant hand sanitizer in the United States, which kills 99.99% of most common germs that may cause illness -- to professional customers, such as restaurants, hospitals, and schools, as well as to consumers. In this deal, announced in October of 2004, Pfizer agreed to acquire the PURELL® line, including the intellectual property such as the trademark, and license to QualPak, LLC the marketing rights to its professional channels. QualPak, in turn provided GOJO the right to distribute the product in the professional channels. Furthermore, QualPak, LLC, will continue to manufacture the products, and now also supply Pfizer.

This deal is a good example of an acquisition with license-back structure. It enables the parties to focus on their respective areas of strength, with the expectation that it will lead to a significant expansion of the global instant hand sanitizer market. Financial terms were not disclosed.

About GOJO Industries, Inc.
GOJO Industries, inventors of PURELL® Instant Hand Sanitizer, distributes in professional away-from-home markets throughout the world. In addition, GOJO manufactures and distributes a full line of products under the GOJO® and PROVON® brand names. GOJO has a nearly 60-year history of leadership in improving well-being through hand hygiene and healthy skin. GOJO has products and programs which kill germs on hands and solve skin care-related problems in a variety of markets, including healthcare, foodservice, manufacturing, automotive, education, government and military. GOJO is a privately held corporation headquartered in Akron, Ohio with offices in the United Kingdom, Japan and Brazil. Purell is a trademark of Warner-Lambert Company LLC, a Pfizer affiliate. For more information, see

About Pfizer Consumer Healthcare
With 2004 sales of $3.5 billion, Pfizer Consumer Healthcare (PCH) is the world's second-largest consumer healthcare company. PCH markets many of the world's best-known, most-trusted consumer brands, including Purell®, Listerine®, Neosporin®, Benadryl®, Sudafed®, Visine®, and Rogaine® . Headquartered in Morris Plains, New Jersey, PCH is a division of Pfizer Inc, the world's largest pharmaceutical company. For more information, see

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-- NASA's Glenn Research Center with GLITeC, Maverick Corp and Triton Systems Inc win the LES Deals of Distinction Chemicals, Energy and Materials Sector Award --

Phoenix, Arizona - October 18, 2005 -The LES Chemicals, Energy and Materials Industry Sector recognizes the Technology Transfer and Partnership Office of NASA's Glenn Research Center (GRC), with assistance from The Great Lakes Industrial Technology Center (GLITeC), for two separate but similar deals with Maverick Corp and with Triton Systems Inc, on licenses to polymer technologies developed by the GRC's Polymers Branch.

It is widely accepted that the effort and cost required for executing custom agreements further raises the hurdle for the commercialization of intellectual property. This hurdle is often highest with government labs, where the traditional legal reviews often require an additional 90 to 180 days of delay following agreement in principle on acceptable terms. The innovative aspect of the NASA "Polymer Summit" licensing program is that it utilized a prospective legal review on NASA's side, as well as a low risk, non-exclusive, limited term (two years) license on a bundle of advanced polymer technology patents. The prospective review by NASA eliminated much of the standard delays required to consummate the agreements, allowing accelerated access to the technology by companies, and thus ultimately to society. The limited duration of these licenses reduced the up-front fees and investment hurdles, while retaining for the parties the option to re-negotiate the later licenses on more appropriate terms.

Given the Maverick deal was signed within three months of being offered, and the Triton deal not long after, it is clear that the efforts of NASA with GLITeC accelerated technology access by reducing traditional deal barriers.

About NASA's John H. Glenn Research Center
NASA's John H. Glenn Research Center, with about 3,300 civil service and contract employees, works in partnership with government, industry and academia to increase national wealth, safety, and security, protect the environment and explore the universe. The Center develops and transfers critical technologies that address national priorities through research, technology development and systems development for safe and reliable aeronautics. Located in Cleveland, it consists of a 350-acre site near Cleveland Hopkins International Airport, and the 6,400-acre Plum Brook Station in Sandusky, Ohio. For more information on the Glenn Research Center, see

About GLITeC
The Great Lakes Industrial Technology Center (GLITeC) is a NASA Regional Technology Transfer Center, managed by Battelle. For more information of GLITeC, see Battelle is a global leader in science and technology. Headquartered in Columbus, Ohio, it develops and commercializes technology and manages laboratories for customers. Battelle, with the national labs it manages or co-manages, oversees 19,000 staff members and conducts $2.9 billion in annual research and development. Battelle innovations include the development of the office copier machine (Xerox), pioneering work on compact disc technology, medical technology advancements, and fiber optic technologies. For more information on Battelle, see

About Triton Systems, Inc.
TSI Triton Systems, Inc. ( is a leading applied research and product development firm that provides solutions for the US government and commercial markets. Our team of researchers, scientists, and technologists excel at creating technologies that meet our customer's toughest requirements. We work with many U.S. government agencies including the Air Force, Army, DOE, NASA, Navy, NIH, NSF, MDA and DARPA. Areas of expertise include advanced materials, structural composites, electronics, and portable power systems. Our technologies are used in medical device, environmental, energy, chem/bio sensing/decontamination, defense and aerospace applications. Founded in 1992, Triton is privately owned and is located just north of Boston in the town of Chelmsford, MA.

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-- UCC Capital Corporation, BCBG Max Azria Group, New York Life Investment Management and IP Innovations Financial Services Inc receive the LES Deals of Distinction Financial Markets Sector Award --

Phoenix, Arizona - October 18, 2005 -LES Financial Markets Sector recognizes the involvement of UCC Capital Corporation, BCBG Max Azria Group, New York Life Investment Management, The Principal Financial Group and IP Innovations Financial Services Inc for their respective roles in the BCBG Max Azria Securitization Deal.

This deal is considered innovative as it is seen as expanding the practice of intellectual property securitization opportunties into more esoteric types of intellectual property such as garment designs, on which obtaining financing in the past from traditional sources would have otherwise been more challenging. As securitizations typically are structured for bond issues of greater than $100 million and typically for transactions of at least several hundred million dollars, this transaction is also innovative in that its smaller size represents a broadening of the securitization market to smaller companies. At the heart of this deal is UCC Capital's efforts on behalf of BCBG Max Azria Group by creating a $53 million of investment grade bonds, backed by the BCBGs intellectual property, along with a $100 million revolving line of credit. The transaction was privately placed with New York Life Investment Management, and securitized by three sources of BCBG's revenue including its retail, wholesale and licensing businesses. IP Innovations Financial Services arranged for credit enhancement provided by The Principal Financial Group for a portion of the bonds issued as part of the transaction, and in exchange for this service obtained a share of rights to the repayment with the note holders from the collateral on a pro rata basis. In April, UCC Capital also won "Deal of the Year" by Securitization News, a leading financial industry periodical, for this deal.

About UCC Capital Corporation
UCC Capital Corporation is engaged in the direct origination of highly structured whole company and operating company securitization transactions typically backed by intellectual property or contractually obligated income streams. UCC also acts as a principal in providing mezzanine and bridge financing to companies in the industries that it serves. The UCC team is credited with developing many of the financial structures and legal standards utilized in the industry today. In addition, it has provided various investment banking services including strategic advisory, restructuring and mergers and acquisitions assignments. The firm stands for a reputation of knowledge, innovation, commitment and integrity in its business. For more information, please visit the UCC website at

About BCBG Max Azria Group
Launched in 1989, BCBG Max Azria Group was formed by world-renowned designer businessman, Max Azria. The group's diversified portfolio of brands includes all divisions of fashion empire BCBG Max Azria, including women's ready-to-wear, evening dresses, bridal, denim, eyewear, swimwear, footwear, handbags, small leather goods, and fragrance. The company's additional labels include BCBG Max Azria Collection, BCBGirls, BCBG//Attitude, To The Max, Parallel, and Max Azria Atelier. The company designs, develops, produces and markets all the collections within the group, runs a powerful retail operation with over 150 freestanding boutiques worldwide and has a strong presence in the top specialty and department stores across the globe.

About New York Life Investment Management LLC
New York Life Investment Management LLC and its affiliates, with more than $196 billion in assets under management as of August 31, 2005, provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments. For more information, visit the New York Life Investment Management website at

About IP Innovations Financial Services, Inc.
IP Innovations Financial Services, Inc. is the leading provider of credit enhancements for intellectual property. The firm, based in Charlotte, NC, provides credit enhancement to banks, credit providers and other financial institutions for royalty and non-royalty generating patents, trademarks and copyrights used as collateral in commercial financing opportunities. IPI provides lenders with the ability to expand their customer base and affords IP owners access to low cost, non-dilutive capital. For more information, visit the IP Innovations web site at

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-- GlaxoSmithKline and Theravance win the LES Deals of Distinction Healthcare Sector Award --

Phoenix, Arizona - October 18, 2005 -The LES Healthcare Industry Sector recognizes GlaxoSmithKline and Theravance on successfully creating their 2004 "Drug Discovery Strategic Alliance".

The deal, which is a follow up to their successful 2002 respiratory collaboration, provided GSK options to exclusively license product candidates on pre determined terms from all of Theravance's current drug discovery programs, as well as future programs initiated prior to September of 2007. In consideration for these rights, GSK paid $20 million upfront, agreed to milestones that could range from $162 to $240 per program, and increased its equity stake in Theravance to 19% (up from the 6% taken in the 2002 deal) at a 10% premium, providing an additional $109 million in funding.

The agreement also includes an innovative call - put arrangement. GSK gained an option to further increase its ownership from 19% to 60% in 2007 via a call on half of Theravance's outstanding shares. In a separate agreement between GSK and the Theravance shareholders, for use if GSK does not exercise its call, the shareholders gained a 2007 put option to cause GSK to purchase up to half of their outstanding shares. Both the call price ($54.25/share) and the put price ($19.375/share) were set at a premium to the price GSK paid in the 2004 agreement. Finally, if GSK's ownership increases to more than 50% via either the put or the call, it will receive a five year extension on the 2004 option agreement. In May, this deal was also honored with Recombinant Capital's "Allicense 2005 Breakthrough Alliance Award"

About GlaxoSmithKline
GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For detailed company information, see GlaxoSmithKline's website:

About Theravance
Theravance is a biopharmaceutical company with a pipeline of internally discovered product candidates. Of the six programs in development, two are in late stage -- telavancin and the Beyond Advair collaboration with GlaxoSmithKline. Theravance is focused on the discovery, development and commercialization of small molecule medicines across a number of therapeutic areas including respiratory disease, bacterial infections, overactive bladder and gastrointestinal disorders. By leveraging its proprietary insight of multivalency to drug discovery focused on validated targets, Theravance is pursuing a next generation drug discovery strategy designed to discover superior medicines in large markets. For more information, please visit the company's web site at

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-- GE and Motorola win the LES Deals of Distinction High Technology Sector Award --

Phoenix, Arizona - October 18, 2005 -The LES High Technology Industry Sector recognizes GE Commercial Finance, GE Licensing and Motorola on the "Patent Purchase and Development" Deal.

The deal, consummated in June of 2004, established a new structure for monetizing intellectual property between companies. It included significant up-front payments to Motorola by GE in exchange for a portfolio of revenue and non-revenue producing Motorola patents. GE Licensing will apply its extensive licensing, enforcement and patent maintenance expertise on this patent portfolio, and GE Commercial Finance provides the initial investment and seed capital for further value creation and patent maintenance. Motorola also participates in a structure payout for down stream revenues gained by GE through its licensing of the Motorola patents to third parties.

The benefits of this innovative structure include allowing Motorola to focus on its core licensing activities, leveraging GE's formidable licensing infrastructure, positions GECF as a leader in IP financing and furthers the relationship between the parties for future transactions.

About GE
GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at

About Motorola
Motorola is a Fortune 100 global communications leader that provides seamless mobility products and solutions across broadband, embedded systems and wireless networks. In your home, auto, workplace, and all spaces in between, seamless mobility means you can reach the people, things and information you need, anywhere, anytime. Seamless mobility harnesses the power of technology convergence and enables smarter, faster, cost-effective and flexible communication. Motorola had sales of US $31.3 billion in 2004. For more information:

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-- The Cleveland Clinic Foundation and Stryker Corporation win the LES Deals of Distinction Industry/University and Government Laboratory Transactions (IUGT) Sector Award --

Phoenix, Arizona - October 18, 2005 -The LES Industry/University and Government Laboratory Transactions (IUGT) Industry Sector recognizes The Cleveland Clinic Foundation and Stryker Corporation on their alliance to develop the Orthopaedic Operating Room of the Future ("OORF Project").

Under the terms of this ten year alliance, Stryker will support the Cleveland Clinic as the Clinic develops, tests and advances image-guided surgery systems and other advanced orthopaedic surgical technologies to improve patient care, and in exchange get access to commercialize this technology. In addition, Stryker will help educate and train Cleveland Clinic personnel in the use of these technologies. The OR of the future will optimize the surgical environment for greatest efficiency and highest quality, to manage the expected increased demand for orthopaedic surgeries with the aging populations, while achieving significant cost reductions.

In a novel step toward making this vision a reality, the Stryker- Cleveland Clinic team is constructing three state of the art orthopaedic ORs as hotbeds for these advanced tools and techniques. The first of the three prototype ORs is scheduled to be open in time to be showcased at the Medical Innovation Summit to be held October 24-26 at the Cleveland Clinic. Financial terms of this transaction were not disclosed.

About The Cleveland Clinic Foundation
The Cleveland Clinic Foundation, located in Cleveland, Ohio, is a not-for-profit multispecialty academic medical center that integrates clinical and hospital care with research and education. The Cleveland Clinic was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. U.S. News & World Report consistently names The Cleveland Clinic as one of the nation's best hospitals in its annual "America's Best Hospitals" survey. Approximately 1,500 full-time salaried physicians at The Cleveland Clinic and Cleveland Clinic Florida represent more than 100 medical specialties and subspecialties. In 2003, patients came for treatment from every state and from nearly 90 countries. The Cleveland Clinic website address is

About Stryker Corporation
Stryker Corporation is one of the world's leading medical device companies with the most broadly-based range of products in orthopaedics and a significant presence in other medical specialties. The Company's products include implants that are used in joint replacement, trauma, spine and micro surgeries; orthobiologics; operating room and interventional pain products; surgical navigation, endoscopic, communications and digital imaging systems; as well as patient handling and emergency medical equipment. In addition, Stryker provides outpatient physical therapy services in the United States.

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