Worlds Announces Private Placement, Response to Activision Lawsuit, Update on MSJ Hearing
October 25 2013 - 7:00AM
Marketwired
Worlds Announces Private Placement, Response to Activision Lawsuit,
Update on MSJ Hearing
BOSTON, MA--(Marketwired - Oct 25, 2013) - Worlds Inc. (OTCBB:
WDDD) has commenced a private placement of non-convertible debt
with some of the company's largest shareholders. The non-dilutive
financing structure does not include warrants and is expected to
provide Worlds with sufficient capital for its ongoing operating
needs through the anticipated Markman hearing and beyond.
"The favorable response to the financing by some of our largest
shareholders speaks to their ongoing support of Worlds and their
belief in a favorable outcome to our patent infringement litigation
against Activision Blizzard, Inc., Blizzard Entertainment, Inc. and
Activision Publishing, Inc. (Activision) due to the strength of our
position and the recent actions by the US Patent & Trademark
related to our patents," said Thom Kidrin, Worlds Inc.
CEO. "As a show of my confidence, I also am participating as
an investor in the Private Placement."
The USPTO issued Certificates of Correction issued on September
24, 2013 amending Worlds' 6,219,045 and 7,181,790 patents to
include comprehensive priority information, which specifically
references Worlds' November 1995 provisional patent application and
confirms World's 1995 priority date.
Motion for Summary Judgment Hearing A Motion for Summary
Judgment (MSJ) hearing was held on October 17th before Judge Denise
Casper regarding Activision's dispute of World's November 1995
priority date. Worlds is awaiting a ruling. The previously
scheduled Markman hearing was continued pending the outcome of the
MSJ hearing.
"Max Tribble and Ryan Caughey, our attorneys from Susman and
Godfrey LLP, made a strong presentation of Worlds' position
concerning the priority date of our provisional patent application
filings, supported by the USPTO's recent Certificates of Correction
issued on September 24th validating our November 16, 1995 priority
dates," noted Kidrin.
Activision Lawsuit Against Worlds In early October 2013,
Activision Publishing, Inc., a subsidiary of Activision Blizzard,
Inc. (ATVI), filed a lawsuit claiming patent infringement against
Worlds Inc. and Worlds Online Inc., in the U.S. District Court for
the Central District of California. Activision alleges that Worlds
violates U.S. Patent No. 6,014,145 entitled "Navigation with
optimum viewpoints in three-dimensional workspace interactive
displays having three-dimensional objects with collision barriers"
and U.S. Patent No. 5,883,628 entitled "Climability: property for
objects in 3-D virtual environments."
"Worlds will be represented by Susman Godfrey LLP in this
matter," Kidrin confirmed. "We believe Activision/ Blizzards'
suit against Worlds is without merit. Worlds' parent patent
pre-dates Activision/ Blizzards' patents by more than one year. In
my opinion, this suit is their attempt to apply pressure to Worlds
due our lawsuit against them and underscores their defensive
tactics."
In March 2012, Worlds sued Activision in federal court for
infringing patents that are based on Worlds' November 1995
provisional patent application.
More information on the lawsuit and Worlds' patents can be found
on the Worlds Inc. website at http://www.worlds.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security. The shares of common
stock are being sold pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as
amended, and applicable state securities laws.
About Worlds Inc.: Worlds Inc. (f.k.a. Worlds.com Inc.) was
founded in 1994 and has developed patented 3D technology which
offers 3D multi-user environments, known as "virtual worlds," that
have interactive Avatars, rich media graphics, text chat,
voice-to-voice chat, video and e-commerce. The 3D communities
allow visitors to interact with each other, teleport throughout the
Worlds environment as well as participate in shared experiences.
Besides partnering with existing content providers that have strong
brands and an existing following, Worlds also encourages
individuals to create their own virtual spaces, communities and
unique Avatars with easy-to-use tools.
Forward Looking Statements This release contains certain
forward-looking statements and information relating to Worlds Inc.
that are based on the beliefs of Worlds' management, as well as
assumptions made based upon information currently available to the
Company. Such statements reflect the current views of the Company
with respect to future events including estimates and projections
about its business based on certain assumptions of its management,
including those described in this Release. These statements are not
guarantees of future performance and involve risk and uncertainties
that are difficult to predict, including, among other factors,
changes in demand for the Company's services and products, changes
in the economic environment and changes in technology. Additional
risk factors are included in the Company's public filings with the
SEC. Should one or more of these underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as "hoped," "anticipated," "believed," "estimated,"
"should," "preparing," "expected" or words of a similar
nature. The Company does not intend to update these forward-looking
statements.
Disclaimer with respect to website:
You are advised that the contents of the Company's website are
not incorporated by reference into this press release.
CONTACTS: Media Relations: Julie Shepherd Accentuate PR 815 479
1833 Email Contact
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