VRINGO PROVIDES UPDATE TO SHAREHOLDERS
(Thomson Reuters ONE) -
NEW YORK - October 4, 2013 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in
the innovation, development and monetization of intellectual property and mobile
technologies, today provided an update to its shareholders on its recent and
near term events.
"We are taking this opportunity to update our shareholders on progress in three
of our wholly-owned subsidiaries' ongoing patent enforcement actions: (i)
against Google and others in U.S. District Court for the Eastern District of
Virginia and the Court of Appeals for the Federal Circuit; (ii) against ZTE
Corporation and its subsidiaries in the United Kingdom, Germany, France, and
Australia, and a preliminary inquiry in Spain; and (iii) against ADT and Tyco
Integrated Security in U.S. District Court for the Southern District of
Florida," said Andrew D. Perlman, Chief Executive Officer of Vringo.
I/P Engine, Inc. v. AOL Inc., Google, Inc. et al.
Eastern District of Virginia
On November 6, 2012, a jury in U.S. District Court in Norfolk, Virginia ruled in
favor of Vringo's wholly owned subsidiary I/P Engine, Inc. and against Google
and the other defendants with respect to their infringement of the asserted
claims of asserted patents. The jury also upheld the validity of the asserted
patents, found that past damages are due to I/P Engine, and established a
royalty rate.
I/P Engine's case relates to Google's search advertising system, not its organic
search system. Therefore, Google's "Hummingbird" update to its organic search
system is not related to the product that I/P Engine accused. Vringo does not
believe the "Hummingbird" update has any impact on its claims.
As of August 26, 2013, I/P Engine's Notice of Calculation of Supplemental
Damages, Pre-judgment Interest and Post-judgment Interest was fully briefed and
is ripe for determination by the district court.
The parties are currently litigating before the district court the issue of
ongoing royalties and what additional reasonable royalty is owed to I/P Engine
for Google and the other defendants' continued infringement. Google has
asserted that, as of May 2013, it implemented a "design around" to its system
such that it no longer infringes the asserted patents. To resolve the ongoing
royalty rate and whether Google's alleged design around is colorably different,
the district court set a discovery and briefing schedule.
* I/P Engine served its expert reports on September 25, 2013.
* Defendants should serve their expert reports on October 15, 2013.
* The parties will then submit briefs to the district court on October
30, 2013 and November 10, 2013, respectively.
The district court also wants the parties to attempt to set their own royalty
rate before the district court imposes one. To that end, the district court
ordered that within five days of completing the aforementioned discovery and
briefing schedule, the parties shall meet to negotiate an appropriate ongoing
royalty rate, using 20.9% of U.S. AdWords revenues as the appropriate royalty
base.
Court of Appeals for the Federal Circuit
I/P Engine and Defendants have appealed various portions of trial to the Court
of Appeals for the Federal Circuit.
* Defendants filed their opening brief on July 22, 2013.
* I/P Engine filed its response and cross-appeal brief on September 26, 2013.
* Defendants' response and reply brief is due November 7, 2013.
Vringo expects this appeal to be scheduled for oral argument during the first
quarter of 2014.
Vringo Infrastructure, Inc. v. ZTE Corporation
Vringo's wholly owned subsidiaries, Vringo Infrastructure, Inc. and Vringo
Germany GmbH, have filed a combined 7 patent infringement actions against ZTE
Corporation and its subsidiaries in the United Kingdom, Germany, France, and
Australia, and a preliminary inquiry in Spain. The asserted patents relate to
wireless infrastructure and handsets.
The hearing on infringement in Germany is scheduled for October 15, 2013.
Vringo is seeking injunctive relief, rendering of accounts, and damages.
ZTE describes itself as "a leading global provider of telecommunications
equipment and network solutions," with recently reported annual revenue of US
$13.7 billion (RMB 86.254 billion), according to filings with the Hong Kong
Stock Exchange. According to ZTE's public filings, the company generates its
revenue primarily from the sale of telecommunications equipment and handsets.
In a previous hearing, Vringo made public a term sheet it provided to ZTE
outlining proposed license terms for standard essential patents. The term sheet
is available online at: http://bit.ly/11tQrGZ (on page 5).
Vringo Infrastructure, Inc. v. ADT Corporation and Tyco Integrated Security, LLC
On September 12, 2013, Vringo's wholly owned subsidiary, Vringo Infrastructure,
Inc., filed a patent infringement lawsuit against The ADT Corporation, ADT, LLC,
ADT Security Services, Inc., and Tyco Integrated Security, LLC in the United
States District Court for the Southern District of Florida.
The lawsuit alleges infringement of U.S. Patent No. 6,288,641, entitled
"Assembly, and Associated Method, for Remotely Monitoring a Surveillance Area".
The asserted patent relates to, amongst other things, the use of a mobile
terminal to remotely monitor a location (e.g., home or business).
Additional Information
The court dockets for the cases are publicly available on the Public Access to
Court Electronic Records website, http://www.pacer.gov, which is operated by the
Administrative Office of the U.S. Courts. The U.S. District Court proceedings
are pending in the Eastern District of Virginia, Norfolk Division. Documents
regarding United States Patent and Trademark Office proceedings are publicly
available on the Patent Application Information Retrieval website,
http://portal.uspto.gov/pair/PublicPair.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of
intellectual property and mobile technologies. Vringo's intellectual property
portfolio consists of over 500 patents and patent applications covering telecom
infrastructure, internet search, and mobile technologies. The patents and
patent applications have been developed internally, and acquired from third
parties. Vringo operates a global platform for the distribution of mobile
social applications and services. For more information, visit:
www.vringoIP.com.
Forward-Looking Statements
This press release includes forward-looking statements, which may be identified
by words such as "believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are not limited to:
our inability to license and monetize our patents, including the outcome of the
litigation against online search firms and other companies; our inability to
monetize and recoup our investment with respect to patent assets that we
acquire; our inability to develop and introduce new products and/or develop new
intellectual property; new legislation, regulations or court rulings related to
enforcing patents, that could harm our business and operating results;
unexpected trends in the mobile phone and telecom infrastructure industries; our
inability to raise additional capital to fund our combined operations and
business plan; our inability to maintain the listing of our securities on
NASDAQ; the potential lack of market acceptance of our products; potential
competition from other providers and products; our inability to retain key
members of our management team; and other risks and uncertainties and other
factors discussed from time to time in our filings with the Securities and
Exchange Commission ("SEC"), including our annual report on Form 10-K for the
year ended December 31, 2012 filed with the SEC on March 21, 2013. Vringo
expressly disclaims any obligation to publicly update any forward-looking
statements contained herein, whether as a result of new information, future
events or otherwise, except as required by law.
Contacts:
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein(at)vringoinc.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Vringo, Inc. via Thomson Reuters ONE
[HUG#1733718]
Unternehmensinformation / Kurzprofil:
Datum: 04.10.2013 - 14:30 Uhr
Sprache: Deutsch
News-ID 302958
Anzahl Zeichen: 10435
contact information:
Town:
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Kategorie:
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