ROMANIAN COURT UPHOLDS INJUNCTION AGAINST ZTE ROMANIA
13 July 2015 - 11:00PM
Preliminary
Injunction Has Been Challenged and Upheld 8 times
NEW YORK -July 13, 2015- Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced that on July 10, 2015, the Bucharest Court of Appeal
denied ZTE Romania's latest attempt to overturn Vringo's
preliminary injunction against ZTE Romania.
Since July 30, 2014, Vringo's
preliminary injunction has restrained ZTE Romania from
commercializing any 4G LTE mobile phone or infrastructure equipment
manufactured by ZTE Corporation which incorporates 4G LTE
technology.
In early 2015, ZTE Romania sent a
proposed license to Vringo. Since then, ZTE Romania has
sought to force Vringo to accept the license as-is. Unlike
Vringo, ZTE Romania has been unwilling to negotiate the terms of
the license. Unable to force Vringo to accept its license,
ZTE Romania then filed an action against Vringo asking the
Bucharest Tribunal, 3rd Civil Division to order Vringo to allow ZTE
Romania to commercialize any 4G LTE mobile phone or infrastructure
equipment manufactured by ZTE Corporation which incorporates 4G LTE
technology. The Bucharest Tribunal denied ZTE Romania's
request and ZTE Romania subsequently appealed to the Bucharest
Court of Appeal.
On appeal, ZTE argued that (1)
Vringo acted in bad faith with regard to the parties' licensing
discussions, (2) the preliminary injunction results in the
inability for ZTE Romania to perform its obligations under its
agreement with Telekom Romania, part of a global agreement between
Deutsche Telekom AG and ZTE Corporation, as a result of ZTE
Romania's inability to deliver equipment and related services
necessary for the upgrade/replacement of the existing 2G and 3G
network of Telekom Romania and the set-up of a 4G LTE network, with
the final objective of delivery of a fully operational 2G, 3G and
4G LTE network, and (3) the imminent damage caused to ZTE Romania
as a result of the injunction was over €40 million and that such
damages, together with ZTE Romania's inability to carry out its
activities in Romania, will result in ZTE Romania's elimination
from the Romanian market.
After considering the merits of
ZTE Romania's arguments, including the parties' licensing
discussions, the Bucharest Court of Appeal denied ZTE Romania's
appeal as ungrounded.
Following this latest rejection of
ZTE Romania's attempt to overturn the preliminary injunction, ZTE
Romania remains enjoined from commercializing any 4G LTE mobile
phone or infrastructure equipment manufactured by ZTE Corporation
which incorporates 4G LTE technology.
In addition, based on documents
obtained by Vringo, Vringo is investigating whether ZTE Romania and
its retailers have violated the preliminary injunction. Vringo is
currently assessing the legal remedies available to cure any
violation.
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; our inability to protect our intellectual
property rights; 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; our ability to continue as a going concern;
our liquidity 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 16, 2015. 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
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