|By Business Wire||
|December 4, 2012 09:15 AM EST||
Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today provided an update on its wholly-owned subsidiary, Vringo Germany GmbH's patent infringement lawsuit filed against ZTE Corp., China and its German subsidiary, ZTE Deutschland GmbH ("ZTE").
On November 16th, the German court provided notice to counsel for Vringo that the court commenced the process of serving ZTE. In accordance with the court's standard procedure, ZTE has two weeks from service to appoint an attorney and announce that it will defend against the claims brought forward by Vringo. ZTE will then have six additional weeks in which to file a reply to Vringo's complaint.
Andrew Perlman, Chief Executive Officer at Vringo said, "We are pleased to see our case in Germany moving along quickly as we anticipated. We are confident in the foundational nature of our Telecom Infrastructure patent portfolio and intend to pursue additional enforcement actions when infringing companies choose not to take a license."
The lawsuit, filed in District Court Mannheim, alleges infringement of European Patent 1,212,919. According to the complaint, Vringo is seeking injunctive relief, rendering of accounts, recall and destruction of allegedly infringing products, and monetary damages. Declarations have been filed at the European Telecommunications and Standards Institute (ETSI) that cover the patent-in-suit.
The case will be heard by the Second Chamber of the Mannheim Court presided by Judge Dr. Kircher. The reporting judge will be Judge Böttcher. The docket number assigned to Vringo's case is "2 O 275/12".
ZTE describes itself as "a leading global provider of telecommunications equipment and network solutions," with recently reported annual revenue of US $13.7 billion (RMB 86.254 billion), according to filings with the Hong Kong Stock Exchange. According to ZTE's public filings, the company generates its revenue primarily from the sale of telecommunications equipment and handsets.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of mobile technologies and intellectual property. Vringo's intellectual property portfolio consists of over 500 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. Vringo operates a global platform for the distribution of mobile social applications and services including Facetones® and Video Ringtones which transform the basic act of making and receiving mobile phone calls into a highly visual, social experience. For more information, visit: www.vringoIP.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: the inability to realize the potential value created by the merger with Innovate/Protect for our stockholders; our inability to raise additional capital to fund our combined operations and business plan; our inability to monetize and recoup our investment with respect to patent assets that we acquire; our inability to maintain the listing of our securities on the NYSE MKT; the potential lack of market acceptance of our products; our inability to protect our intellectual property rights; potential competition from other providers and products; our inability to license and monetize the patents owned by Innovate/Protect, 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; 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 quarterly report on Form 10-Q filed with the SEC on November 14, 2012. 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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