Spherix Comments on Pending Settlement Between Cisco and Rockstar Consortium
Spherix Litigation Against Cisco Continues On Patents Acquired from Rockstar Consortium
BETHESDA, Md., Nov. 20, 2014 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) -- an intellectual property development company committed to the fostering and monetization of intellectual property, today commented on the widely publicized pending settlement of certain patent litigation between Cisco Systems and the Rockstar Consortium. Spherix confirmed that its litigation initiated on March 24, 2014, against Cisco for infringement of multiple U.S. patents acquired from the Rockstar Consortium remains active, as Spherix continues to pursue legal remedies to enforce its intellectual property rights. The patent litigation in the United States District Court for the District of Delaware, Case No. 1:14-cv-00374-SLR, against Cisco (NASDAQ: CSCO) alleges that the San Jose, CA based company infringes 11 patents owned by Spherix. These patents, developed by inventors at Nortel Networks and acquired by Spherix from Rockstar in December 2013, relate to Cisco's products, including routers and switches.
Spherix continues to contend that the scope of Cisco's infringement of the asserted patents has been and continues to be immense. Cisco is believed to have revenues of over $6 billion from switching and over $3 billion from routers in the United States for its fiscal year ended July 27, 2013 and total revenues of over $30 billion from switching and $13 billion from routers in the United States for the five fiscal years ended July 27, 2013. The Company believes that the vast majority of Cisco's switching and routing revenue from March 2008 through the present has been generated by products and services implementing technology that the company believes infringes on the 11 patents. The law firm of Cozen O'Connor P.C. represents Spherix in this litigation.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "As stated in Cisco's most-recent quarterly earnings call, and reported in the Wall Street Journal, Cisco has signed a term sheet and taken a $188 million pre-tax charge related to litigation brought by Rockstar. Our litigation is not part of this settlement. We continue to aggressively pursue enforcement of our portfolio of patents, including our case against Cisco. As we noted in our January 4th press release, based on our analysis and discussions with Rockstar, we believe the technology described in the portfolio is found in technology used daily by consumers and businesses. The patent portfolio of over 100 patents and patent applications relate to the way data is carried over public and private networks. As a company, we strongly believe in the value of these assets and the opportunity it presents for our shareholders."
Spherix procured certain intellectual property from the Rockstar Consortium, but Spherix is operated independently from, and is a different company than, Rockstar. The Company's litigation matters are handled and pursued independent of any actions or settlements that Rockstar may be pursuing.
About Spherix
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Investor Relations:
Hayden IR
Brett Mass, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com
Spherix:
Phone: (703) 992-9325
Email: info@spherix.com
www.spherix.com
Logo - http://photos.prnewswire.com/prnh/20131104/PH08853LOGO
SOURCE Spherix Incorporated
Timestamp:
November 20, 2014 06:00:05 EST
WebSite:
http://www.spherix.com
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