IRVINE, Calif., May 4, 2017 /PRNewswire/ -- Netlist, Inc.
(NASDAQ: NLST), announced it has obtained outside investment to
finance the legal fees and costs of its legal action against SK
hynix at the U.S. International Trade Commission (ITC) and the U.S.
District Court for the Central District of California (CDCA). The financing is
being provided by TR Global Funding V, LLC, a Delaware limited liability company affiliated
with TRGP Capital Management, LLC (TRGP). Under the
agreement, TRGP agrees to cover all of Netlist's obligations for
legal fees and costs for the ITC proceeding and the CDCA action, as
well as certain fees and costs for related inter partes
review proceedings. No equity will be issued in connection with
this transaction. Also under the agreement, TRGP will only
receive payment upon a successful resolution with SK hynix with a
return based on the amount of their investment.
"We are pleased to have a financial partner as sophisticated as
TRGP," said C.K. Hong, Netlist's
Chief Executive Officer. "We are prepared to proceed through
the entirety of the legal process against SK hynix and this
agreement provides additional resources. The funding enhances
our financial flexibility by strengthening our liquidity position
and allowing us to continue to focus on the execution of our
product plans including the commercialization of
HybriDIMM™."
Netlist and SK hynix are preparing for a week-long trial in the
ITC which is scheduled to begin May 8,
2017. The Administrative Law Judge (ALJ) handling the
investigation will hear all of the evidence and determine whether
SK hynix's RDIMM and LRDIMM products infringe Netlist's six
asserted patents. The ALJ will issue his detailed findings of fact
and conclusions of law in a final initial determination in
October 2017. Netlist is seeking,
among other things, a ban on the importation of infringing SK hynix
products. In the CDCA, the court will hold a Markman hearing
on July 18, 2017, where the judge
will determine the meaning of the claims in the asserted
patents.
About TRGP
TRGP is an investment advisor focusing on financing complex
commercial litigation on a global basis.
About Netlist, Inc.
Netlist creates solutions that accelerate turning raw data into
business insight. The company produces next generation persistent
memory solutions that enable businesses to transact quicker, gain
insight faster and reduce datacenter cost. Flagship products
NVvault® and EXPRESSvault® accelerate system performance and
provide mission critical fault tolerance. HybriDIMM™,
Netlist's next-generation Storage Class Memory, lowers cost and
improves performance of big data analytics and in-memory computing.
The company holds a portfolio of patents, many seminal, in the area
of hybrid memory, storage class memory, rank multiplication and
load-reduction, among others. Netlist is part of the Russell
Microcap® Index. To learn more, visit www.netlist.com.
Safe Harbor Statement:
This news release contains forward-looking statements
regarding future events and the future performance of Netlist. A
forward-looking statement is neither a prediction nor a guarantee
of future events or circumstances and is based on currently
available market, operating, financial and competitive information
and assumptions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expected or projected, including, among others, risks
associated with the launch and commercial success of our products,
programs and technologies; the success of product, joint
development and licensing partnerships; continuing development,
qualification and volume production of HybriDIMM™ , as well as our
other products and technologies; the rapidly-changing nature of
technology in our industry; risks associated with intellectual
property, including patent infringement litigation initiated by us
or by others against us as well as the costs and unpredictability
of litigation over infringement of our intellectual property;
volatility in the pricing of DRAM ICs and NAND flash; changes in
and uncertainty of customer acceptance of, and demand for, our
existing products and products under development, including
predictions about the size of the market for our products; delays
in our and our customers' product releases and development;
introductions of new products by competitors; changes in end-user
demand for technology solutions; and general economic and market
conditions. Other risks and uncertainties are described in our
annual report on Form 10-K filed on March
31, 2017, and subsequent filings with the U.S. Securities
and Exchange Commission we make from time to time. Except as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For more information, please contact:
Investors/Media:
Brainerd Communicators, Inc.
Mike Smargiassi
NLST@braincomm.com
(212) 986-6667
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SOURCE Netlist, Inc.