ROMANIAN COURT ANNOUNCES FAVORABLE RULING FOR VRINGO; PRELIMINARY INJUNCTION AGAINST ZTE ROMANIA REMAINS IN PLACE
May 08 2015 - 8:30AM
ZTE Romania's
Latest Challenge To Overturn Romanian Preliminary Injunction
Fails
NEW YORK - May 8, 2015 - Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced that, yesterday, the Bucharest Tribunal in Romania denied
ZTE Romania's motion for a preliminary injunction against Vringo
Infrastructure, Inc.
ZTE Romania S.R.L. ("ZTE Romania")
had sought a preliminary injunction against Vringo, which would
have allowed ZTE Romania to temporarily resume the
commercialization of 4G LTE equipment in Romania, thereby
effectively side-stepping the preliminary injunction granted
against ZTE Romania. Following yesterday's ruling, the preliminary
injunction against ZTE Romania remains in place. ZTE Romania
retains the right to appeal yesterday's decision.
"This decision marks the most
recent in a series of failed attempts by ZTE Romania to overturn or
circumvent the preliminary injunction against ZTE Romania," said
David Cohen, Vringo Chief Legal and IP Officer. "Vringo has
numerous issues with ZTE Romania's license proposal. Put simply, it
is not FRAND. Many of the licensing terms are over-reaching and
well outside industry norms," Mr. Cohen continued.
Vringo has twice offered
term sheets for a global license to its standard-essential patent
("SEP") portfolio to ZTE Corporation, the parent company of ZTE
Romania. Vringo has also offered to have a UK court, a United
States court (in a case in which ZTE sued Vringo), as well as a
neutral arbitration panel determine the terms of such a global
license. Each time, ZTE has refused (and/or attempted to stall) any
third party determination of a license on fair, reasonable, and
non-discriminatory ("FRAND") terms. ZTE's refusal is inconsistent
with the model established in the European Commission's Samsung case. Vringo has also provided a complete
global license agreement to ZTE for its review. ZTE, to date, has
refused to discuss this agreement.
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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