Assets of Telecommunications Networks Business

Auction Sale of assets of Ingenu Inc. (“Seller”). The seller is a Delaware corporation formed in 2008 (originally under the name On-Ramp Wireless, Inc.). It maintained its principal place of business in San Diego, California. The seller was formed to develop telecommunication networks between utility meters (water and electric) and their corporate headquarters. The seller's innovative technology–built on “Internet of Things” connectivity–allows customers monitoring capabilities to better serve their communities.

The Assets to be Sold: The efforts to date resulted in the seller presently owning a portfolio of 55 patents, various ending applications, and related intellectual property. This intellectual property comprises the vast majority of the value of the seller's assets. The seller also owns telecommunications equipment consisting of 200 completed network access points, and raw materials sufficient to assemble approximately 900 more. The seller owns furniture, fixtures and equipment previously used in its offices. Finally, the seller owns a startup subsidiary in Indonesia which is attempting to negotiate a contract with the Indonesian government. The subsidiary owns no assets and has no revenue other than $41,000 received in 2020, which funds are being used to pay expenses the Indonesian subsidiary is incurring in installing a network there. All of the foregoing are included in the sale, and collectively are referred to as the “Assets.”