Published On: Wed, Oct 23rd, 2013

OriginOil, Inc. (OTCBB: OOIL) Sells Non-Core Patents to French Joint Venture Ennesys

OriginOil, Inc. (OTCBB: OOIL), a company that has developed a breakthrough water cleanup technology for the oil & gas, algae and other water-intensive industries, announced Tuesday, October 22nd, that it has agreed to transfer three of its early patent applications to its French joint venture, Ennesys.

“We’re delighted that Ennesys will be able to capitalize on our early inventions, which are no longer a core element of OriginOil’s intellectual property portfolio,” stated Riggs Eckelberry, OriginOil CEO in the company’s press release dated October 22nd. “The agreement has the potential to boost future stakeholder interest and value through future royalties and reimbursement of R&D costs. As a founding shareholder we are proud to share directly in Ennesys’ success.”

The agreement followed a visit by French President Francois Hollande in which the leader praised Ennesys as an innovative startup with a technology ready to propel France toward meeting its ambitious renewable energy and green building goals.

President Hollande praised Ennesys in a speech to the nation, calling it an innovative startup.  He also recognized the need to help such innovators, especially in reaching energy and environmental regulatory goals.

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