palmOne announced today that they are acquiring the rights to the Palm brand. palmOne will be paying PalmSource $30 million over 3.5 years for PalmSource’s 55% share of the Palm Trademark Holding Company.

“The letters P-A-L-M reflect a prized brand with significant customer awareness and earned loyalty,” said Ed Colligan, palmOne president and chief executive officer. “Innovation, power, ease of use, and elegance all are attributes of the brand, and we intend to invest to turn what is a strong name today into a household word synonymous with leadership in mobile computing.”

According to the press release, palmOne will be changing their name later this year. Along with the name change, the new Palm brand will sport a new logo and design treatment.

palmOne Press Release : palmOne Acquires Rights to Palm Brand

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