Rimini Street Statement on the Injunction Entered by the District Court
August 14 2018 - 8:49PM
Business Wire
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of
enterprise software products and services, and the leading
third-party support provider for Oracle and SAP software products,
today issued the following statement in response to Oracle’s
statement regarding the U.S. District Court’s decision to grant
Oracle’s request for an injunction:
Statement:
“Today, the District Court announced that it intends again to
enjoin Rimini Street’s former support processes that were
previously litigated and found by a jury to be “innocent” copyright
infringement. Today’s court order contains the same legal
defects and flaws that resulted in the last injunction being stayed
and then vacated by the U.S. Court of Appeals for the Ninth
Circuit. For that reason, as soon as an injunction is actually
issued, Rimini Street will seek a stay pending appeal, and we look
forward to successful resolution of this matter in the
appellate process. Approximately $28.5 million held in escrow for
attorney’s fees by the District Court will be released to Oracle
pending further appeal.”
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of
enterprise software products and services, and the leading
third-party support provider for Oracle and SAP software products.
The company has redefined enterprise software support services
since 2005 with an innovative, award-winning program that enables
licensees of IBM, Microsoft, Oracle, Salesforce, SAP and other
enterprise software vendors to save up to 90 percent on total
annual maintenance costs. Clients can remain on their current
software release without any required upgrades for a minimum of 15
years. Over 1,620 global Fortune 500, midmarket, public sector and
other organizations from a broad range of industries currently rely
on Rimini Street as their trusted, third-party support provider. To
learn more, please visit https://www.riministreet.com, follow
@riministreet on Twitter and find Rimini Street on Facebook and
LinkedIn.
Forward-Looking Statements
Certain statements included in this communication are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “may,” “should,” “would,” “plan,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “seem,” “seek,” “continue,” “future,” “will,”
“expect,” “outlook” or other similar words, phrases or expressions.
These forward-looking statements include, but are not limited to,
statements regarding our expectations as to benefits of the
financing transaction described herein, including projections of
expected cash savings over the next three years and accelerated
growth, future events, future opportunities and growth initiatives.
These statements are based on various assumptions and on the
current expectations of management and are not predictions of
actual performance, nor are these statements of historical facts.
These statements are subject to a number of risks and uncertainties
regarding Rimini Street’s business, and actual results may differ
materially. These risks and uncertainties include, but are not
limited to, continued inclusion in the Russell 2000 Index in the
future, changes in the business environment in which Rimini Street
operates, including inflation and interest rates, and general
financial, economic, regulatory and political conditions affecting
the industry in which Rimini Street operates; adverse litigation
developments or in the government inquiry; the final amount and
timing of any refunds from Oracle related to our litigation; our
ability to raise additional equity or debt financing on favorable
terms; the terms and impact of our newly issued 13.00% Series A
Preferred Stock; changes in taxes, laws and regulations;
competitive product and pricing activity; difficulties of managing
growth profitably; the success of our recently introduced products
and services, including Rimini Street Mobility, Rimini Street
Analytics, Rimini Street Advanced Database Security, and services
for Salesforce Sales Cloud and Service Cloud products; the loss of
one or more members of Rimini Street’s management team; uncertainty
as to the long-term value of Rimini Street’s equity securities,
including its common stock and its Preferred Stock; and those
discussed under the heading “Risk Factors” in Rimini Street’s
Quarterly Report on 10-Q filed on August 9, 2018, which disclosures
amend and restate the disclosures appearing under the heading “Risk
Factors” in Rimini Street’s Annual Report on Form 10-K filed on
March 15, 2018, and as updated from time to time by Rimini Street’s
future Quarterly Reports on Form 10-Q, Current Reports on Form 8-K,
and other filings by Rimini Street with the Securities and Exchange
Commission. In addition, forward-looking statements provide Rimini
Street’s expectations, plans or forecasts of future events and
views as of the date of this communication. Rimini Street
anticipates that subsequent events and developments will cause
Rimini Street’s assessments to change. However, while Rimini Street
may elect to update these forward-looking statements at some point
in the future, Rimini Street specifically disclaims any obligation
to do so, except as required by law. These forward-looking
statements should not be relied upon as representing Rimini
Street’s assessments as of any date subsequent to the date of this
communication.
Salesforce, Service Cloud, Sales Cloud and others are trademarks
of salesforce.com, inc.
© 2018 Rimini Street, Inc. All rights reserved. “Rimini Street”
is a registered trademark of Rimini Street, Inc. in the United
States and other countries, and Rimini Street, the Rimini Street
logo, and combinations thereof, and other marks marked by TM are
trademarks of Rimini Street, Inc. All other trademarks remain the
property of their respective owners, and unless otherwise
specified, Rimini Street claims no affiliation, endorsement, or
association with any such trademark holder or other companies
referenced herein.
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Rimini Street, Inc.Michelle McGlocklin, +1
925-523-8414mmcglocklin@riministreet.com
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