Unwired Planet Announces Strategic Fee Agreement with Legal Partner McKool Smith
September 27 2013 - 8:00AM
Business Wire
Unwired Planet, Inc. (NASDAQ:UPIP) today announced that it has
entered into a strategic fee arrangement with McKool Smith, one of
the preeminent patent litigation firms in the world.
Under the new fee structure, Unwired Planet secures a lower,
fixed monthly spending rate on litigation fees on the company’s
outstanding cases. Instead of the traditional model of paying for
billable hours in a given month, the agreement fixes legal fees for
24 months at $500 thousand per month, unless a case is settled
earlier. If litigation activity continues beyond 24 months, McKool
Smith will continue to provide all necessary services without
receipt of any new fees. In exchange, McKool Smith will receive a
sliding contingency fee based upon net Unwired Planet licensing
fees received from the respondents in the current outstanding
litigations: Google, Apple and Blackberry. In addition, the
agreement allows Unwired Planet to file additional enforcement
actions at discounted rates, if necessary, against the same three
parties. As is customary, Unwired Planet remains responsible for
paying expenses such as travel, court costs and expert witness fees
as they are incurred.
“We are pleased to formalize this long-term partnership with
McKool Smith that demonstrates our mutual confidence in the value
of our portfolio,” said Eric Vetter, president and chief
administrative officer of Unwired Planet. “We have secured
committed representation from some of the most accomplished and
senior members of the firm. Additionally, this agreement enables us
to predict and reduce our litigation expenses by approximately 50%
without compromising our enforcement efforts.”
Phil Vachon, chairman of Unwired Planet’s board of directors
stated, “Our strong preference is to license our intellectual
property in a negotiated transaction because it is the most
efficient outcome for all parties; in those situations where we are
unable to conclude discussions in a timely manner, however, we will
enforce our rights through the courts in the most cost efficient
manner as possible.”
About Unwired Planet
Unwired Planet, Inc. (NASDAQ:UPIP) is the inventor of the
Mobile Internet and a premier intellectual property company focused
exclusively on the mobile industry. The Company's patent portfolio
of more than 2,400 issued US and foreign patents, includes the
technologies that allow mobile devices to connect to the Internet
and enable mobile communications. The portfolio spans 2G, 3G and 4G
technologies, as well as cloud-based mobile applications and
services. Unwired Planet's portfolio includes patents
related to key mobile technologies, including baseband mobile
communications, mobile browsers, mobile advertising, push
technology, maps and location based services, mobile application
stores, social networking, mobile gaming and mobile
search. Unwired Planet is headquartered in Reno,
Nevada.
Safe Harbor for Forward-Looking Statements
This release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical fact contained in this release are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negative of these
terms or other comparable terminology. These statements are only
current predictions and are subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, levels of activity, performance or achievements to be
materially different from those anticipated by the forward-looking
statements. These forward-looking statements are subject to a
number of risks, including, but not limited to, those risk factors
discussed in filings with the SEC, including but not limited
to, the Company's current Annual Report on Form 10-K and current
Quarterly Report on Form 10-Q and any amendments thereto. The
Company undertakes no duty to update or revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this release.
The Blueshirt GroupMike Bishop, 415-217-4968 (Investor
Relations)mike@blueshirtgroup.com
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