VRINGO PAYS BOND TO CONTINUE ENFORCEMENT OF INJUNCTION AGAINST ZTE IN ROMANIA
13 February 2015 - 12:55AM
Vringo Comments on ZTE's
Requests for U.S.P.T.O. Inter Partes Review of
U.S. Patents Not Asserted in U.S. Litigation
NEW YORK - February 12, 2015 -
Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced that it has paid the bond ordered by the Bucharest Court
of Appeal in Romania to ensure the continued enforcement of the
injunction granted by the Bucharest Tribunal against ZTE.
On June 30, 2014, the Bucharest
Tribunal granted an injunction against ZTE, 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. ZTE
appealed the injunction on September 16, 2014. On January 8,
2015, the Court of Appeal rejected ZTE's appeal seeking
cancellation of the injunction. The Court of Appeal
reinstated the injunction with immediate effect and ordered that
Vringo pay a bond of €240,000, at a future date, to ensure the
continued enforcement of the injunction.
ZTE petitioned the Court to
modify the amount of the bond to €40 million, an amount that it
claimed correlated with a more accurate reflection of the damages
that ZTE claims to be currently suffering in Romania. On
February 4, 2015, the Court denied ZTE's request.
On February 5, 2015, ZTE filed an
application with the United States District Court for the District
of Delaware, for a temporary restraining order and preliminary
injunction, which would have prevented Vringo from paying the bond
to continue enforcing the injunction in Romania. On February
6, 2015, the Delaware Court granted ZTE's request. On February 9,
2015, Vringo filed a motion to dissolve the temporary restraining
order and preliminary injunction. On February 10, 2015, the
Delaware Court granted Vringo's request, dissolving the temporary
restraining order and preliminary injunction, and ordering the case
consolidated with Vringo's lawsuit against ZTE currently pending
before the United States District Court for the Southern District
of New York.
Immediately following the Delaware
Court's ruling dissolving the temporary restraining order and
preliminary injunction against Vringo, Vringo paid the bond in
Romania to continue enforcement of the injunction against ZTE in
Romania. Vringo has previously provided notice of the
Bucharest Tribunal's injunction to vendors of ZTE handsets and
infrastructure equipment in Romania. Vringo will continue to
take all necessary steps to enforce the injunction and confirm
ZTE's compliance therewith.
On the same day as ZTE filed the
application with the Delaware Court, ZTE also filed inter partes review (IPR) requests for five of Vringo's
United States patents. The requests, filed with the Patent Trial
and Appeal Board ("PTAB") of the United States Patent and Trademark
Office, will remain pending until the PTAB makes a preliminary
decision on whether to grant the requests and thus review the
patents. While these patents have counterparts that Vringo
and ZTE are litigating in other countries, none of these United
States patents are currently asserted in litigation in the United
States.
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 600 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. 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@vringoinc.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Vringo, Inc. via Globenewswire
HUG#1893936
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Apr 2024 to May 2024
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From May 2023 to May 2024