Technology licensing firm Wi-LAN Inc announced on Monday that it has signed a letter of intent to settle a lawsuit filed against it by Canada's No. 2 phone company Telus Corp.

In addition, it is also reported that Wi-LAN announced in late January that the Vancouver telecommunications company had extended a lawsuit against it, alleging ownership of certain U. S., Canadian and European Wi-LAN patents.

Wi-LAN revealed that TELUS has sold any rights it may have possessed in the patents to Wi-LAN for an unknown amount in line with the settlement.

The settlement is based on a formal agreement, which is speculated to be signed within the next few weeks.

Wi-LAN, an Ottawa company, claimed that it has licensed its intellectual property to above 210 companies globally.