VRINGO PROVIDES UPDATE ON ROMANIAN LITIGATION
(Thomson Reuters ONE) -
Potential Contract Losses of 31 Million Euros to ZTE Leads to Suspension of
Interim Injunction
NEW YORK - October 13, 2014 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in
the innovation, development and monetization of intellectual property and mobile
technologies, today provides an update on Vringo Infrastructure, Inc.'s lawsuit
against ZTE in Romania.
In June 2014, Vringo Infrastructure, Inc. sued ZTE in Romania for patent
infringement seeking damages and a permanent injunction. In a parallel
proceeding, Vringo requested and obtained, ex parte, an interim injunction
prohibiting ZTE and its distributors from importing, exporting, introducing on
the market, offering for sale, storing, selling, distributing, promoting, and/or
conducting any other trading activity with respect to any 4G/LTE mobile phone
produced by ZTE and any infrastructure equipment produced by ZTE which
incorporates 4G/LTE technology.
After the trial court granted the interim injunction, ZTE filed a request to
overturn the injunction with the Bucharest Court of Appeal. ZTE also asked the
Court of Appeal by way of a separate proceeding to suspend the injunction until
the Court of Appeal reviewed the grant of the interim injunction. ZTE alleged
that the grant of the interim injunction subjected ZTE to losses in excess of
?31,523,069.00 under its agreements with Cosmote Romania and Deutsche Telekom
AG.
On October 10, 2014, in the face of ZTE's allegations that it was immediately
subject to tens of millions of Euros in contract losses, the Bucharest Court of
Appeal temporary suspended enforcement of Vringo's interim injunction against
ZTE pending the outcome of ZTE's appeal, which is expected before mid-December.
This appeal does not affect Vringo's underlying infringement case, in which it
is seeking damages and a permanent injunction. That case is expected to be
heard in the second half of 2015.
"Vringo welcomes the opportunity to have the Bucharest Court of Appeal decide
whether Vringo is entitled to an injunction against ZTE on the full record.
Vringo is confident in both the merits of its underlying case and the necessity
and merit of an interim injunction against ZTE," said David Cohen, Vringo's
Chief Legal and Intellectual Property Officer.
Vringo has sought to engage ZTE in licensing discussions related to Vringo's
standard essential patent portfolio for over two years following a decade of
failed attempts by the previous owner of those patents. Vringo has even
proposed to have the United Kingdom High Court or independent arbitrators
resolve the parties' disputes.
When Vringo tried to engage ZTE in direct discussions in December 2013 and
provided settlement material under a non-disclosure agreement (NDA), ZTE
consciously chose to use Vringo's materials in violation of the NDA. ZTE's
breach of the NDA is currently the subject of litigation in New York where
Vringo has already received a temporary restraining order against ZTE. Vringo
is seeking a permanent injunction as well as compensatory and punitive damages
against ZTE in the New York litigation.
Additionally, Vringo believes that ZTE has failed to fully respect relevant
court orders in Brazil, Germany and India. As such, Vringo has been left with
no choice but to file a request for seizure of certain ZTE equipment in Brazil,
a lawsuit for an accounting in Germany, and two contempt motions in India.
In Brazil, on October 2, 2014, in view of ZTE's violation of an injunction, the
trial court ordered the seizure of certain ZTE equipment.
In Germany, the litigation on ZTE's failure to provide proper accounting, as
ordered by the court, will be tried on November 21, 2014.
In India, Vringo's contempt motions are currently awaiting a ruling by the
Indian court.
Notwithstanding ZTE's actions to date, Vringo remains willing to license its
standard essential patents on a fair, reasonable and non-discriminatory basis.
.
About Vringo, Inc.
Vringo, Inc. is engaged in the development and monetization of intellectual
property worldwide. The Company's intellectual property portfolio consists of
over 600 patents and patent applications covering telecom infrastructure,
internet search and mobile technologies. The Company's patents and patent
applications have been developed internally and acquired from third parties.
For more information, visit: www.vringo.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 a
major securities exchange; 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; the future success of Infomedia
and our ability to receive value from its stock; 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 filed with the SEC on March 10, 2014. 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 GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1862424]
Unternehmensinformation / Kurzprofil:
Datum: 13.10.2014 - 13:30 Uhr
Sprache: Deutsch
News-ID 343493
Anzahl Zeichen: 8191
contact information:
Town:
New York
Kategorie:
Business News
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"VRINGO PROVIDES UPDATE ON ROMANIAN LITIGATION"
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