Safe-T Group Ltd. (NASDAQ: SFET) (TASE: SFET) (“Safe-T” or
the “Company”), a global provider of cybersecurity and privacy
solutions to consumers and enterprises, today announced that NetNut
Ltd., Safe-T Group’s enterprise privacy solutions subsidiary unit
(“NetNut”), and Bright Data Ltd.1 (formerly known as Luminati
Networks Ltd., hereinafter “Bright Data”) have entered into a
mutual release and settlement agreement to terminate the patent
infringement action Bright Data initiated against NetNut in June
2021 in the United States District Court for the Eastern District
of Texas, Marshall Division2.
1 Acquired by EMK Capital LLP, a private equity
firm, in August 2017.2 Case No. 2:21-CV-225-JRG-RSP.
This settlement is expected to contribute to a
significant reduction in the Company’s overall general and
administration costs commencing in the third quarter of 2022.
Together with the expected operating cost savings implemented
through the Company’s partnership model for its enterprise
business, the Company’s overall operating losses for the four
quarters which ended on March 31, 2022, would have been reduced by
more than 50% compared to the actual aggregated results in this
period.
Shachar Daniel, Chief Executive Officer of
Safe-T, commented: “We are pleased to have resolved our ongoing
patent-related litigations with Bright Data, putting these disputes
behind us and allowing us to focus our efforts and resources on the
further development of our valuable technologies and supporting our
continued growth. Our team is dedicated to moving the business
ahead, supporting the needs of our expanding global base of
customers while benefiting from our reduced operational costs,
enabling us to manage the business more efficiently and
flexibly.”
As previously reported, on June 18, 2021, Bright
Data filed an action alleging infringement of U.S. Patent Nos.
10,257,319 and 10,484,510 against NetNut. The action was filed in
the United States District Court for the Eastern District of Texas,
Marshall Division. Bright Data amended its complaint on October 11,
2021, to additionally assert infringement of U.S. Patents Nos.
10,491,713, 11,050,852 and 11,044,346, as well as a claim for
alleged false advertising. Pursuant to a confidential settlement
agreement, this action is now dismissed with prejudice, without any
monetary payment from NetNut to Bright Data, and with no effect on
NetNut’s ongoing services. As part of the settlement, NetNut agreed
to dismiss, without prejudice, its pending complaint against Bright
Data on U.S. Patent No. 10,110,606 and to dismiss its requests for
Inter Partes Review3 of Bright Data’s patents. The settlement
also includes a covenant not to sue pursuant to the terms of the
agreement.
3 These procedures ask the U.S. Patent and
Trademark Office to re-examine the subject matter of patents to
reconsider whether their claims are patentable.
Previously, on December 14, 2021, the Company
reported the dismissal of the former action brought by Bright Data
filed against NetNut. Together with the settlement described
herein, all disputes to-date between the parties have now been
resolved.
About Safe-T® Group
Ltd.
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a
global provider of cyber-security and privacy solutions to
consumers and enterprises. The Company operates in three distinct
segments, tailoring solutions according to specific needs. The
segments include enterprise cyber-security solutions, enterprise
privacy solutions, and consumer cyber-security and privacy
solutions.
Our cybersecurity and privacy solutions for
consumers provide a wide security blanket against ransomware,
viruses, phishing, and other online threats as well as a powerful,
secured, and encrypted connection, masking their online activity
and keeping them safe from hackers. The solutions are designed for
advanced and basic users, ensuring full personal protection for all
personal and digital information.
Our cybersecurity solutions for enterprises,
designed for cloud, on-premises and hybrid networks, mitigates
attacks on enterprises’ business-critical services and sensitive
data, while ensuring uninterrupted business continuity.
Organizational data access, storage, and exchange use cases, from
outside the organization or within, are secured according to the
“validate first, access later” philosophy of Safe-T’s zero trust.
Our ZoneZero® solutions are available by our reseller, TerraZone
Ltd., a global information security provider, as a solution or
cloud service.
Our privacy solutions for enterprises are based
on our world’s fastest and most advanced and secured proxy network,
enabling our customers to collect data anonymously at any scale
from any public sources over the web using a unique hybrid network.
Our network is the only one comprised of both millions of
residential exit points and hundreds of servers located at our ISP
partners around the world. The infrastructure is optimally designed
to guarantee the privacy, quality, stability, and the speed of the
service
For more information about Safe-T, visit
www.safetgroup.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, Safe-T is using
forward-looking statements in this press release when it discusses
the expected contribution of the settlement in terms of reduction
in the Company’s overall general and administration costs
commencing in the third quarter of this year and that the Company’s
overall operating losses for the four quarters which ended on March
31, 2022, would have been reduced by more than 50% compared to the
actual aggregated results in this period. Because such statements
deal with future events and are based on Safe-T’s current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of Safe-T could
differ materially from those described in or implied by the
statements in this press release. The forward-looking statements
contained or implied in this press release are subject to other
risks and uncertainties, including those discussed under the
heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed
with the Securities and Exchange Commission (“SEC”) on March 29,
2022, and in any subsequent filings with the SEC. Except as
otherwise required by law, Safe-T undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. References and
links to websites have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release. Safe-T is not responsible for
the contents of third-party websites.
INVESTOR RELATIONS
CONTACTS:
Steve Gersten, Director of Investor RelationsSafe-T
Group Ltd.813-334-9745investors@safe-t.com
Michal EfratyInvestor Relations,
Israel+972-(0)52-3044404michal@efraty.com
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