Montreal, QC, Canada - August 25, 2009 - ISee3D Inc. ("ISee3D") (TSX-V: ICT) is pleased to announce it has completed the acquisition (the "Acquisition") of a series of patent applications and proposed patent applications in connection with certain aspects of ISee3D's existing patented technology first announced on August 4, 2009.
In connection with the Acquisition, ISee3D has issued 1,000,000 common shares (the "Shares") of ISee3D to Inxsys Management Inc.("Inxsys") at a deemed price of $0.22 per share. The Shares are subject to a hold period of 4 months and one day (the "Hold Period") from the date of issuance. In addition, pursuant to the terms of the acquisition agreement, the Shares will be escrowed and releasable as to 400,000 Shares upon the expiry of the Hold Period, and a further 75,000 Shares per month thereafter over a period of eight months.
Inxsys is a company owned and controlled by Tom Mitchell, a Director and Senior Officer of ISee3D.