SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): May
2,
2007
PARKERVISION,
INC.
(Exact
Name of Registrant as Specified in Charter)
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Florida
|
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0-22904
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59-2971472
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|
(State
or Other Jurisdiction of Incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer Identification No.)
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7915
Baymeadow Way, Jacksonville, Florida
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32256
|
|
(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code (904)
737-1367
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Item
1.01 — Entry into a Material Definitive Agreement.
On
May 2,
2007, ParkerVision (the Company) entered into a royalty-bearing intellectual
property license agreement and an engineering services agreement (ESA) with
ITT
Corporation (ITT). The Company announced these agreements in a press release
dated May 2, 2007, a copy of which is attached as Exhibit 99.1.
Under
the
terms of the ESA, ParkerVision will receive payments for engineering consulting
and design services during ITT’s product development cycle. Work under the ESA
is expected to commence immediately. Royalty payments per unit to ParkerVision
will begin after ITT’s development cycle has been completed and ITT is shipping
units to customers. Collectively, these agreements are expected to offset a
portion of the Company’s annual operating expenses going forward. The Company
estimates that the intellectual property license to ITT for d2p technology
will
result in cumulative royalties of approximately $25 million.
By
entering into these agreements, ParkerVision has successfully completed its
first end-to-end d2p™ technology adoption. This process included evaluation of
the d2p technical and financial merits, definition of product specifications
and
engineering support, and negotiation of the agreements for licensing
ParkerVision’s technologies worldwide.
ParkerVision
continues to focus its efforts on gaining adoption of its d2p technology within
the mobile handset market.
Item
9.01 — Financial Statement and Exhibits
99.1 Press
release of the Company dated May 2, 2007
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Dated:
May 2, 2007
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PARKERVISION,
INC.
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By:
/s/
Jeffrey L.
Parker
Jeffrey L. Parker
Chief
Executive Officer