VRINGO ANNOUNCES FAVORABLE RULING IN BRAZIL
March 23 2015 - 9:00AM
ZTE's Latest
Attempt to Lift Injunction is Denied
NEW YORK - March 23, 2015 -
Vringo, Inc. (NASDAQ: VRNG) today announced it has received a
favorable ruling in Brazil.
On Thursday, March 19, 2015, the
Court denied ZTE's fifth attempt to lift an injunction that has
been in place since April 15, 2014. The Court rejected ZTE's
renewed offer to post a bond in exchange for the lifting of the
injunction, holding that such an offer was previously rejected on
appeal and stating that ZTE was improperly attempting to revisit
the merits of an injunction that had already been confirmed on
appeal.
Through the Court's injunction ZTE
is prohibited from manufacturing, using, offering for sale,
selling, installing, testing, or importing any 3G, 4G, and LTE
infrastructure equipment in Brazil. The Federal and State
Courts of Rio De Janeiro have already denied ZTE's appeal of this
injunction.
Vringo was granted the right, by
the Court, to enforce the injunction against ZTE on October 2,
2014.
Vringo recently completed a raid
on a ZTE warehouse, as further described below, and Vringo believes
that it has found conclusive evidence that ZTE has violated and
continues to violate the injunction. Court-appointed experts
are finalizing reports to be submitted to the Court that Vringo
believes will demonstrate ZTE's flagrant disregard for the Court's
order. Vringo expects that the expert reports will be issued
shortly. Should the Court find that the injunction has been
violated, penalties may be assessed against ZTE as well as any
other parties doing business with ZTE in violation of the Court's
order.
In addition to Vringo's
enforcement of the injunction, the Court has contacted and notified
Brazilian Customs to prevent importation of infringing equipment.
The Court has also notified wireless carriers in Brazil of
the injunction, and has requested information to determine the
extent of ZTE's violation of the injunction.
Background on Enforcement Of the Injunction
On December 1, 2014, Vringo
accompanied a court officer and court-appointed experts on a raid
of a ZTE warehouse in Hortolandia, São Paulo, Brazil. After
reviewing ZTE's records, the court officer seized ZTE
infrastructure equipment and a significant number of documents.
Despite a court order requiring it to do so, ZTE failed to
present accounting documents during the raid. Nevertheless,
from the documents that were seized, Vringo and the court officer
uncovered evidence that ZTE has sold infringing products in
violation of the injunction.
The injunction will remain in
place until Vringo's lawsuit against ZTE for the infringement of
Brazilian Patent PI0013975-0 is heard. The hearing has not
yet been scheduled. ZTE has challenged the validity of the
patent-in-suit, which is the Brazilian counterpart of the European
Patent that was found valid and infringed by ZTE by the United
Kingdom High Court of Justice. The Brazilian Patent Office,
which is also a party to ZTE's invalidity lawsuit, has issued an
opinion supporting the validity of the Brazilian Patent. A
schedule for the invalidity lawsuit has not yet been set.
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.
Forward-Looking
Statements
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.
Contacts:
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein@vringoinc.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Vringo, Inc. via Globenewswire
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