BETHESDA, Md., May 4, 2015 /PRNewswire/ -- Spherix Incorporated
(Nasdaq: SPEX) -- an intellectual property development
company committed to the fostering and monetization of intellectual
property, today issued a litigation update on several matters:
- On Friday, May 1, 2015, Spherix
filed an action against both Verizon and Cisco Systems, Inc. in the
U.S. District Court for the Eastern District of Virginia, Case No. 1:15-cv-576, alleging that
Verizon and Cisco infringe eight Standard-Essential Patents owned
by Spherix. Standard-Essential Patents cover technology that
is required to implement a technology standard set by a Standard
Setting Organization. Spherix's Standard Essential Patents relate
to aspects of IEEE standards 802 and virtual local area network
(VLAN) tagging on a network. VLAN tagging is used to help direct
data flow over a network. This new suit is in addition to the
suits already on file against Verizon in Virginia and Cisco in Delaware, and it involves different
patents.
- On Thursday, April 30, 2015,
Spherix dismissed its action against T-Mobile, brought originally
on August 1, 2013 in the U.S.
District Court for the Middle District of Florida for infringement of one patent. The
dispute between the parties has been resolved, and the case was
dismissed without prejudice, with each side to pay their own
attorney and court fees and expenses. Any additional terms are
confidential.
Anthony Hayes, Chief Executive
Officer of Spherix, stated, "Our shareholders have entrusted us to
be stewards of the Company's capital, and to allocate our time and
resources to projects that meet specific risk adjusted hurdles for
adequate returns. With this in mind, and after a thorough review of
several complex issues, we have dismissed our case against T-Mobile
without prejudice and have filed a new action against Verizon and
Cisco, which alleges infringement of our Standard-Essential
Patents. These patents are inherently valuable, and cover
technology that is currently used in a wide range of products and
services. This is the second suit Spherix has filed against
Verizon and Cisco. We had hoped to reach a resolution prior
to filing more suits. Because we have been unable to reach an
acceptable resolution, we have initiated additional litigation to
protect our property rights and fulfill our obligations to our
shareholders."
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