VRINGO ANNOUNCES UPDATE ON ZTE LITIGATION
Delaware Court Dissolves Temporary Restraining Order and Preliminary Injunction Against Vringo's Enforcement of Patent Rights
NEW YORK - February 11, 2015 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation, development and monetization of intellectual property, today announced the United States District Court for the District of Delaware has dissolved the temporary restraining order and preliminary injunction entered last Friday in favor of ZTE and against Vringo.
On February 5, 2015, ZTE filed a lawsuit against Vringo in the United States District Court for the District of Delaware, accusing Vringo of violating contractual obligations made to ETSI, a telecommunications standards-setting organization, to license standard essential patents on fair, reasonable, and non-discriminatory ("FRAND") terms. In its complaint, ZTE asserted that Vringo improperly sought injunctive relief against ZTE around the world and, specifically, in Romania where Vringo received an injunction against ZTE's 4G LTE handsets and equipment.
On February 6, 2015, the United States District Court for the District of Delaware granted a Temporary Restraining Order and a Preliminary Injunction against Vringo, restraining Vringo from taking any action to exclude ZTE products in Romania and from contacting any of ZTE's customers, vendors, and suppliers to inform them of the injunction against ZTE's products.
On Tuesday, February 10, 2015, the U.S. District Court for the District of Delaware granted Vringo's motion to dissolve the injunctive relief that the Court ordered on Friday, February 6, 2015. The Court granted Vringo's motion one day after Vringo presented the Court with the full picture of the facts. The Court also ordered that ZTE's underlying lawsuit against Vringo be transferred to the U.S. District Court for the Southern District of New York where Vringo brought a lawsuit against ZTE for breach of the parties non-disclosure agreement and received a temporary restraining order against ZTE.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of intellectual property and mobile technologies. Vringo's intellectual property portfolio consists of over 600 patents and patent applications covering telecom infrastructure, internet search, and mobile technologies. The patents and patent applications have been developed internally, and acquired from third parties. For more information, visit:www.vringo.com.
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 online search firms and other companies; 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; 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; 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 10, 2014. 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.
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