Boston, MA 02/27/2014 (wallstreetpr) – Google Inc. (NASDAQ:GOOG) despite having a cash hood estimated to be around $60 billion, sold bonds for the first time in three years aimed at refinancing its maturing debt worth $1 billion on its 1.25% notes that are due in May 19. Google issued 3.375% of 10 year notes that should yield 62.5 basis points. This move caught many people as a surprise as Facebook could simply have refinanced its obligations by tapping into its $60.7 billion in cash and equivalents.
Google Inc. (NASDAQ:GOOG) has been executing more deals in the industry for the past three years more than any other company clearly showing how solid its cash balances are. Google maintains that its cash balances act as its strategic weapon, considering the pace of innovation and investment opportunities in the industry. Facebook is expected to remain conservative in the market as it strives to maintain its financial flexibility.
Google sued over space imaging technology
Google Inc. (NASDAQ:GOOG) is being sued by a German Architectural firm Art+Com on patented related issue, over its use of a technology that allows users to locate space based images of the earth. The Berlin based company claims Google violated its patent when it launched its Google Earth Application back in 2005. According to the architectural firm Google violated its patent by allowing users to download along with web-accessible tutorials.
Google Inc. (NASDAQ:GOOG) earth space allows users to track weather and other data by the use of satellites with Conservationist in Kenya using the application to track and protect elephants from poaching. Art+Com claims it owns the patent on space imaging technology thus the reason behind their legal actions against Google. The company claims Google made an offer for their app in 2006 but they did not consider it, as it was a low ball.
Google Inc. (NASDAQ:GOOG) was unchanged on Wednesday trading session remaining unmoved at 1,220.17.
