Xybernaut, a company that holds patents that can wirelessly transmit ads, direct mail and other geographically targeted advertising, is in Chapter 11 bankruptcy protection. Though not good news for them, it’s good news for the rest of us who would rather not be barraged by ads everywhere in our lives. Unfortunately, the patents are going to be made available. The company will be auctioning them to solve their financial issues. There are two patents and one patent pending. They will go on the block starting May 17. Interested? Minimum bid is $3.9 million, so start collecting the coins in your couch.
The patents are collectively known as WayPoint. They rely on the locational data from GPS equipped phones. The idea is much like Google will be doing with their free wireless services, but on phones. Xybernaut got themselves in trouble thanks to a CEO who took “inappropriate actions”, which led to their current situation.