Key Developments: Network-1 Security Solutions Inc (NSSI.OB)
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Latest Key Developments (Source: Significant Developments)
Network-1 Security Solutions Inc Announces Acquisition Of Patent Portfolio Related To Identification Of Media Content
Network-1 Security Solutions Inc announced the acquisition of a patent portfolio from Dr. Ingemar Cox, a recognized technology in digital watermarking, content identification, digital rights management, and related technologies, covering advanced technologies relating to the identification and monetization of media content. The newly acquired patent portfolio includes four issued United States patents relating to enabling technology for identifying media content, such as music and videos, and taking further action to be performed based on such identification, including among others, the insertion of advertising and the facilitation of the purchase of goods and services relating to the uploaded content. The patents (U.S. Patent No. 7,058,223, No. 8,010,988, No. 8,020,187 and No. 8,205,237) are based on a patent application filed in 2000 and have patent terms extending into 2023. The portfolio also includes a pending United States patent application. Network-1 anticipates continuing to prosecute the pending patent application and plans on filing several new patent applications with the United States Patent and Trademark Office based on the inventions contemplated by Dr. Cox's original patent filings. The purchase price for the patent portfolio consisted of $1,000,000 in cash and 403,226 shares of Network-1 common stock. In addition, Professor Cox is entitled to 12.5% of the net proceeds realized from the monetization of the patent portfolio. Full Article
Network-1 Security Solutions Inc Announces Settlement Of Patent Litigation With Allied Telesis
Network-1 Security Solutions Inc announced that it agreed to settle its patent litigation against Allied Telesis Inc. (Allied Telesis) pending in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of Network-1's Remote Power Patent (U.S. Patent No. 6,218,930). Allied Telesis was one of 16 defendants named in the litigation. As part of the settlement, Allied Telesis entered into a settlement agreement and non-exclusive license agreement for the Remote Power Patent. Under the terms of the license, Allied Telesis will license the Remote Power Patent for its full term which expires in March 2020, and pay a license initiation fee and quarterly royalties based on its sales of Power over Ethernet (PoE) products, including those PoE products which comply with the Institute of Electrical and Electronic Engineers (IEEE) 802.3af and 802.3at Standards. Full Article
Network-1 Security Solutions Inc Increases Its Share Repurchase Program
Network-1 Security Solutions Inc announced that its Board of Directors has authorized an increase to its previously announced share repurchase program pursuant to Rule 10(b)-18 permitting the Company to repurchase up to an additional $1,000,000 (for a total of up to $5,000,000) in shares of the Company's common stock over the next twelve months. On August 14, 2011, the Company announced a share repurchase program to purchase up to $2,000,000 of its common stock, which was increased to an aggregate of $4,000,000 on February 2, 2012. To date, the Company has repurchased approximately 2,600,000 shares under its program at an average price of $ 1.24 per share. Full Article
Network-1 Security Solutions Inc Announces Settlement Of Patent Litigation With Belden, Inc's GarrettCom, Inc.
Network-1 Security Solutions Inc announced that it agreed to settle its patent litigation against GarrettCom, Inc. (GarrettCom), a subsidiary of Belden, Inc. pending in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of Network-1's Remote Power Patent (U.S. Patent No. 6,218,930). GarrettCom was one of 16 defendants named in the litigation. As part of the settlement, GarrettCom entered into a settlement agreement and non-exclusive license agreement for the Remote Power Patent. Full Article
Network-1 Security Solutions, Inc. Announces Settlement Of Patent Litigation With Motorola Solutions, Inc.
Network-1 Security Solutions, Inc. announced that it agreed to settle its patent litigation against Motorola Solutions, Inc. ("Motorola") pending in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of Network-1's Remote Power Patent (U.S. Patent No. 6,218,930). Motorola was one of 16 defendants named in the litigation. As part of the settlement, Motorola entered into a settlement agreement and non-exclusive license agreement for the Remote Power Patent. Under the terms of the license, Motorola will license the Remote Power Patent for its full term which expires in March 2020, and pay a license initiation fee and quarterly royalties (beginning as of January 1, 2012) based on its sales of Power over Ethernet ("PoE") products, including those PoE products which comply with the Institute of Electrical and Electronic Engineers ("IEEE") 802.3af and 802.3at Standards. As part of the settlement agreement, all claims involving Motorola in the litigation currently pending in the Eastern District of Texas will be dismissed with prejudice. Full Article
Network-1 Security Solutions, Inc. Announces Settlement Of Patent Litigation With Transition Networks
Network-1 Security Solutions, Inc. announced that it has agreed to settle its patent litigation against Transition Networks, Inc. pending in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of Network-1's Remote Power Patent (U.S. Patent No. 6,218,930). Transition was one of 16 defendants defendants named in the litigation. As part of the settlement, Transition entered into a settlement agreement and a non-exclusive license agreement for the Remote Power Patent. Under the terms of the license, Transition will license the Remote Power Patent for its full term which expires in March 2020, and pay a license initiation fee and pay quarterly royalties (beginning as of April 1, 2012) based on its sales of Power over Ethernet (PoE) products, including those PoE products which comply with the Institute of Electrical and Electronic Engineers (IEEE) 802.3af and 802.3at Standards. As part of the settlement agreement, all claims involving Transition in the litigation currently pending in the Eastern District of Texas will be dismissed with prejudice. Full Article
Network-1 Security Solutions, Inc. Commences Patent Litigation Against 16 Data Networking Companies
Network-1 Security Solutions, Inc. announced that it has initiated patent litigation against 16 data networking equipment manufacturers in the United States District Court for the Eastern District of Texas , Tyler Division, for infringement of United States Patent No. 6,218,930 (Remote Power Patent). Named as defendants in the lawsuit, excluding related parties, are Alcatel-Lucent USA, Inc., Allied Telesis, Inc., Avaya Inc., AXIS Communications Inc., Dell, Inc., GarrettCom, Inc., Hewlett-Packard Company, Huawei Technologies USA, Juniper Networks, Inc., Motorola Solutions, Inc., NEC Corporation, Polycom, Inc., Samsung Electronics Co., Ltd, ShoreTel, Inc., Sony Electronics, Inc., and Transition Networks, Inc. Full Article
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