Dallas, Texas 03/04/2014 (FINANCIALSTRENDS) – Vringo, Inc.(NASDAQ:VRNG) which is into innovation, development and monetization of intellectual property and mobile technologies released a statement on February 24, stating Germany’s Karlsruhe Court of Appeal has denied an emergency request by ZTE to stay the enforcement of Injunction on the sale of base stations that were infringing Vringo Patents.
According to company’s Chief Legal and Intellectual Property Officer, ZTE was offering products that are covered under Vringo, Inc patents. To settle the issue and also in the interest of both the parties Vringo, Inc. (NASDAQ:VRNG) has offered ZTE a license which the company feels is fair, reasonable with standard non- discriminatory conditions. Until both parties negotiate and decide on an amicable solution, Vringo, Inc will legally purse to ensure its patent rights are protected. Vringo, Inc. (NASDAQ:VRNG) has conflicts pertaining to twelve patents in six countries against ZTE and is expecting seven of the cases to be addressed in the year 2014.
Vringo, Inc.(NASDAQ:VRNG) ZTE Litigation Background
The District Court in Mannheim, Germany found some of ZTR’s SDR base stations distributed to mobile telecommunications operator E-Plus infringed one of Vringo’s patient. The court ordered ZTE to stop and discontinue distributing the infringing stations that violates the patient in question. And for the committed violations until date the court has declared ZTR is liable to pay damages. And to quantify the amount of damages, the court has ordered ZTR to provide details of the accounts offered by which violates Vringo, Inc patent.
Vringo, Inc. (NASDAQ:VRNG) Investor conference call.
In related news, the company scheduled an Investor conference call during mid February 2014 to discuss on company’s growing portfolio, capitalization and also ongoing legal cases with other companies. The meeting also shed light on Vringo, Inc plans to acquire or partner with some of the leading companies to expand their business and also the impacts of patent reforms currently being discussed/suggested.