SiliconBeat

Applied Micro Circuits has sold a series of patents, patent applications and associated rights to some of its technologies to wireless chip maker  Qualcomm for $33 million to be paid over the next three years, according to a filing with the SEC today. Applied Micro will retain the non-exclusive right to make and sell its existing products that use technology covered by the patents.

The contract terms include a provision under which Qualcomm could withhold a portion of the total purchase price from its payment in the event of a breach by AMCC representations or warranties its made related to the patent purchase agreement.

The move is part of an initiative Appled Micro began in 2006 to make more money off of its own own patent portfolio. The move boosted Applied Micro shares (ticker: AMCC) 3.6 percent, or 28 cents to $8 as of noon P.D.T.