ZEPHYR COVE, Nev., Aug. 31, 2018 /PRNewswire/ -- VirnetX™ Holding
Corporation (NYSE AMERICAN: VHC), an Internet security software and
technology company, announced today that on August 30, 2018, the
United States District Court for the Eastern District of
Texas, Tyler Division, entered a
Final Judgment and issued its Memorandum Opinion and Order
("Order") regarding post-trial motions resulting from the prior
$502.6 million jury verdict
("Verdict") for VirnetX in the ongoing patent infringement action
between VirnetX Inc. ("VirnetX") and Apple Inc ("Apple").
In the Order, The Court affirmed the jury's verdict of
$502.6 million and granted VirnetX's
motions for supplemental damages, a sunset royalty and the royalty
rate set at $1.20 per infringing
iPhone, iPad and Mac products, pre-judgment and post-judgment
interest and costs.
In the Order, the Court denied Apple's Omnibus Motion for
Judgment as a Matter of Law under Rule 50(b) and for a New
Trial.
"We are extremely pleased with the Court's Final Judgment of
$502 million affirming the jury's
verdict of $1.20 per infringing
device and granting us supplemental damages, a sunset royalty,
interest and costs. This is the fourth time a jury has
unanimously found in our favor against Apple and the patents in
this suit have been found not invalid by the Federal Court of
Appeals," said Kendall Larsen,
VirnetX CEO and President. "This Final Judgment is warranted
due to the large amount of infringing Apple devices. The cost
of our security technology in infringing devices has been
apportioned and is less than a quarter of one percent of the
device's cost. We believe this established per device rate for
security is very reasonable and will greatly assist us with our
domestic and global licensing efforts."
About VirnetX
VirnetX Holding Corporation is an Internet security software and
technology company with patented technology for secure
communications including 4G LTE security. The Company's software
and technology solutions, including its secure domain name registry
and Gabriel Connection Technology™, are designed to facilitate
secure communications and to create a secure environment for
real-time communication applications such as instant messaging,
VoIP, smart phones, eReaders and video conferencing. The Company's
patent portfolio includes over 115 U.S. and international patents
and over 50 pending applications. For more information, please
visit www.virnetx.com
Forward Looking Statements
Statements in this press release that are not statements of
historical or current fact, including statements regarding
the strength of VirnetX's intellectual property, constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on expectations, estimates and
projections about the markets in which the Company operates,
management's beliefs, and certain assumptions made by management
and involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of the Company
to be materially different from the historical results or from any
future results expressed or implied by such forward-looking
statements, including but not limited to (1) the outcome of any
legal proceedings that have been or may be initiated by the Company
or that may be initiated against the Company, including pending and
future inter partes review proceedings in the Patent and Trademark
Office and appeals; (2) the ability to capitalize on the Company's
patent portfolio and generate licensing fees and revenues; (3) the
ability of the Company to be successful in entering into licensing
relationships with its targeted customers on commercially
acceptable terms; (4) potential challenges to the validity of the
Company's patents underlying its licensing opportunities; (5) the
ability of the Company to achieve widespread customer adoption of
the Company's Gabriel Communication Technology™ and its secure
domain name registry; (6) the level of adoption of the 3GPP Series
33 security specifications; (7) whether or not the Company's
patents or patent applications may be determined to be or become
essential to any standards or specifications in the 3GPP LTE, SAE
project or otherwise; (8) the extent to which specifications
relating to any of the Company's patents or patent
applications may be adopted as a final standard, if at
all; and (9) the possibility that Company may be adversely affected
by other economic, business, and/or competitive factors. In
addition to statements which explicitly describe such risks and
uncertainties, readers are urged to consider statements labeled
with the terms "believes," "belief," "expects," "intends,"
"anticipates," or "plans" to be uncertain and forward-looking.
The forward-looking statements contained herein are also
subject generally to other risks and uncertainties that are
described from time to time in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including those under the heading "Risk Factors" in
Company's Annual Report on Form 10-K filed on March 16, 2017 and Quarterly Report on Form 10-Q
filed with the SEC on August 9, 2018.
Many of the factors that will determine the outcome of the subject
matter of this press release are beyond the Company's ability to
control or predict. Except as required by law, the Company is
under no duty to update any of the forward-looking statements after
the date of this press release to conform to actual results.
Contact:
Investor Relations
VirnetX Holding Corporation
775.548.1785
ir@virnetx.com
VirnetX, Gabriel Collaboration Suite, Gabriel Secure
Communications Platform and GABRIEL Connection Technology are
trademarks of VirnetX Holding Corporation. Other company and
product names may be trademarks of their respective owner
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SOURCE VirnetX Holding Corporation