Brazilian Company Willing to Sell Rights to 'IPhone' Back to Apple

The Brazilian electronics maker IGB Electronics SA is willing to sell the exclusive rights for the name "IPhone" to Apple.

The company trademarked the "IPhone" name back in 2000 and was planning to release a line of Android smartphones in the Latin American country that would take on the moniker in the coming months.

Bloomberg is now reporting that the company is willing to sell the naming rights to Apple who has released millions of iPhones since the time IGB trademarked the name.

"We're open to a dialogue for anything, anytime, "said Eugenio Emilio Staub, chairman of IGB, in an interview in Sao Paulo. "We're not radicals."

Brazil's Institute for Industrial Property confirmed that IGB had the exclusive rights to the IPhone name in Brazil, and even though Apple requested the exclusive use of the word back in 2006, the California company was denied.

IGB Electronica SA first announced its new line of Android smartphones would be called IPhone last year.

The first model to be released will be called the Neo One, according to a statement made by IGB in a securities filing.

Apple is now planning to open many new retail locations in Brazil. These stores will be Apple's first locations in South America and the company already began production of the iPad and iPhone there.

Tim Cook also made recent statements, saying that Brazil is Apple's next big target after China.

Apple will most likely do its best to acquire to exclusive rights for the name. This could involve lawsuits and out of court settlements. However, it seems likely a lawsuit will not be necessary considering that IGB appears to be ready to negotiate with the electronics giant.