Vringo to Acquire Over 500 Patents and Applications from Nokia
NEW YORK--(BUSINESS WIRE)--Aug. 9, 2012--
Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation,
development and monetization of mobile technologies and intellectual
property, today announced that it had entered into a Patent Purchase
Agreement with Nokia Corporation pursuant to which Nokia agreed to sell
Vringo a portfolio consisting of over 500 patents and patent
applications worldwide, including 109 issued United States patents.
Vringo agreed to compensate Nokia with a cash payment and certain
ongoing rights in revenues generated from the patent portfolio.
The portfolio encompasses a broad range of technologies relating to
cellular infrastructure, including communication management, data and
signal transmission, mobility management, radio resources management and
Thirty one of the 124 patent families acquired have been declared
essential by Nokia to wireless communications standards. Standards
represented in the portfolio are commonly known as 2G, 2.5G, 3G and 4G
and related technologies and include GSM, WCDMA, T63, T64, DECT, IETF,
LTE, SAE, and OMA.
Further details are included in a Form 8-K to be filed by Vringo with
the United States Securities and Exchange Commission.
For more information, visit: www.vringoIP.com.
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 eleven patents, eight of which were
acquired from Lycos, Inc., as well as over twenty patent applications.
Vringo operates a global platform for the distribution of mobile social
applications and services including Facetones® and Video Ringtones which
transforms the basic act of making and receiving mobile phone calls into
a highly visual, social experience.
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"). Investors
and stockholders are also urged to read the risk factors set forth in
the definitive proxy statement/prospectus filed with the SEC on June 21,
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.
Source: Vringo, Inc.
Executive Vice President
Caroline L. Platt