NEW YORK - October 29, 2015-
Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property as well as
the commercialization and distribution of wire-free charging and
rugged computing devices, today announced that a Romanian appellate
court has denied ZTE Romania's twelfth attempt to overturn or
suspend Vringo's preliminary injunction against ZTE Romania.
On August 6, 2015, ZTE Romania
filed a motion seeking for the Bucharest Tribunal, 5th Civil
Section to set aside Vringo's preliminary injunction in light of
the July 16, 2015 European Court of Justice ruling in Huawei v. ZTE. The Huawei v.
ZTE case outlined the factors to consider in determining
whether the holder of a standard-essential patent abuses its
dominant position in seeking injunctive relief against an alleged
infringer. On August 31, 2015, the Bucharest Tribunal rejected all
of ZTE Romania's arguments and denied ZTE Romania's request as
ungrounded. ZTE Romania appealed the Bucharest Tribunal's decision
and, yesterday, the Bucharest Court of Appeal denied ZTE Romania's
appeal as ungrounded, with no further chance of appeal.
"ZTE Romania has exhausted all
reasonable bases for challenging the preliminary injunction," said
Dragos Vilau, of Vilau Associates, Vringo's Romanian counsel.
"Romanian courts have rejected each of ZTE Romania's attempts to
circumvent the court order against it which has been in place for
well over one year and have once again confirmed that the Romanian
legal system provides effective tools for patent holders in
protecting and enforcing their rights" Mr. Vilau continued.
On June 30, 2014, the Bucharest
Tribunal granted Vringo's request for an ex-parte preliminary
injunction against ZTE Romania and others, ordering ZTE Romania to
cease any importation, exportation, introduction on the market,
offer for sale, storage, sale, trade, distribution, promotion, or
any other business activity regarding allegedly infringing
equipment.
Since then, ZTE Romania has
attempted, unsuccessfully, to have the preliminary injunction
overturned or suspended twelve separate times. ZTE Romania has done
so by petitioning four separate courts, utilizing-and exhausting-a
wide variety of procedural mechanisms, and re-litigating the same
issues.
In each instance, the relevant
court has rejected ZTE Romania's attempt.
"ZTE's gamesmanship in litigations
throughout the world highlights its refusal to engage in
negotiations to license Vringo's standard essential patent
portfolio on FRAND terms," said David Cohen, Vringo's Chief Legal
and Intellectual Property Officer. "Judges in Romania, Brazil, the
United States, and other countries continue to take notice of ZTE's
bad faith litigation tactics and failure to negotiate a FRAND
license with Vringo," Mr. Cohen said. "Further, yesterday's
ruling by the Bucharest Court of Appeal highlights the fact that
Vringo continues to comply with international standards on the
licensing of standard-essential patents, as most recently outlined
by the European Court of Justice in its Huawei v.
ZTE decision," Mr. Cohen continued.
Vringo's lawsuit seeking to
recover its attorneys' fees for ZTE Romania's failed attempts to
overturn the preliminary injunction remains pending.
About Vringo,
Inc.
Vringo, Inc. is engaged in the
innovation, development and monetization of intellectual property
as well as the commercialization and distribution of wire-free
charging and rugged computing devices. Vringo's intellectual
property portfolio consists of over 600 patents and patent
applications covering telecom infrastructure, internet search,
ad-insertion, mobile and wire-free charging technologies.
Vringo's subsidiary fliCharge is dedicated to the licensing and
commercialization of wire-free charging technologies. Vringo's
subsidiary Group Mobile is dedicated to the marketing and sale of
rugged computing devices. 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 ZTE and other
companies; our inability to recognize the anticipated benefits of
the acquisition of IDG, which may be affected by, among other
things, competition, our ability to secure advantageous licensing
and sales agreements, market acceptance of IDG's technology,
potential technology obsolescence, protection of intellectual
property rights and potential liability risks that are inherent in
the marketing and sale of products used by consumers; 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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