BETHESDA, Md., Nov. 20, 2014 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) -- an intellectual property
development company committed to the fostering and monetization of
intellectual property, today commented on the widely publicized
pending settlement of certain patent litigation between Cisco
Systems and the Rockstar Consortium. Spherix confirmed that
its litigation initiated on March 24,
2014, against Cisco for infringement of multiple U.S.
patents acquired from the Rockstar Consortium remains active, as
Spherix continues to pursue legal remedies to enforce its
intellectual property rights. The patent litigation in the
United States District Court for the District of Delaware, Case No. 1:14-cv-00374-SLR, against
Cisco (NASDAQ: CSCO) alleges that the San
Jose, CA based company infringes 11 patents owned by
Spherix. These patents, developed by inventors at Nortel Networks
and acquired by Spherix from Rockstar in December 2013, relate to Cisco's products,
including routers and switches.
Spherix continues to contend that the scope of Cisco's
infringement of the asserted patents has been and continues to be
immense. Cisco is believed to have revenues of over $6 billion from switching and over $3 billion from routers in the United States for its fiscal year ended
July 27, 2013 and total revenues of
over $30 billion from switching and
$13 billion from routers in
the United States for the five
fiscal years ended July 27, 2013. The
Company believes that the vast majority of Cisco's switching and
routing revenue from March 2008
through the present has been generated by products and services
implementing technology that the company believes infringes on the
11 patents. The law firm of Cozen O'Connor P.C. represents Spherix
in this litigation.
Anthony Hayes, Chief Executive
Officer of Spherix, stated, "As stated in Cisco's most-recent
quarterly earnings call, and reported in the Wall Street Journal,
Cisco has signed a term sheet and taken a $188 million pre-tax charge related to litigation
brought by Rockstar. Our litigation is not part of this
settlement. We continue to aggressively pursue enforcement of
our portfolio of patents, including our case against Cisco.
As we noted in our January 4th press
release, based on our analysis and discussions with Rockstar, we
believe the technology described in the portfolio is found in
technology used daily by consumers and businesses. The patent
portfolio of over 100 patents and patent applications relate to the
way data is carried over public and private networks. As a company,
we strongly believe in the value of these assets and the
opportunity it presents for our shareholders."
Spherix procured certain intellectual property from the Rockstar
Consortium, but Spherix is operated independently from, and is a
different company than, Rockstar. The Company's litigation matters
are handled and pursued independent of any actions or settlements
that Rockstar may be pursuing.
About Spherix
Spherix Incorporated was launched in 1967 as a scientific
research company. Spherix is committed to advancing innovation by
active participation in the patent market. Spherix draws on
portfolios of pioneering technology patents to partner with and
support product innovation.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the Securities and Exchange
Commission (the "SEC"), not limited to Risk Factors relating to its
patent business contained therein. Thus, actual results could be
materially different. The Company expressly disclaims any
obligation to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
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Investor
Relations:
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Hayden
IR
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Brett Mass, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone: (703)
992-9325
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Email:
info@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated