Network-1 Announces Settlement of Patent Litigation With Hewlett Packard

Rhea-AI Summary

Network-1 Technologies (NYSE MKT:NTIP) has settled its patent litigation with Hewlett-Packard and Hewlett-Packard Enterprise for $17 million. The lawsuit, filed in the Eastern District of Texas, involved Network-1's Remote Power Patent (U.S. Patent No. 6,218,930), which pertains to Power over Ethernet (PoE) products. HP will receive a fully paid license for the patent, which expired on March 7, 2020. This settlement enhances Network-1's revenue, which has exceeded $170 million from licensing the Remote Power Patent since 2007.

Positive

• Settlement agreement secures $17 million for Network-1.
• Total licensing revenue from Remote Power Patent exceeds $170 million.
• HP obtains a fully paid license for the Remote Power Patent.

Negative

• Remote Power Patent expired on March 7, 2020.

NEW YORK, NY / ACCESSWIRE / July 27, 2021 / Network-1 Technologies, Inc. (NYSE MKT:NTIP) announced today that it has agreed to settle its patent litigation against Hewlett-Packard Company and Hewlett-Packard Enterprise Company (collectively, "HP") 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). Under the terms of the settlement agreement, Hewlett-Packard Enterprise Company has agreed to pay Network-1 $17,000,000 in full settlement of the litigation and HP will receive a fully paid license and release to the Remote Power Patent for its full term (which expired on March 7, 2020), which applies to sales of Power over Ethernet ("PoE") products by HP and its wholly owned subsidiary Aruba Networks, Inc.

ABOUT NETWORK-1 TECHNOLOGIES, INC.

Network-1 Technologies, Inc. is engaged in the development, licensing and protection of its intellectual property and proprietary technologies. Network-1 works with inventors and patent owners to assist in the development and monetization of their patented technologies. Network-1 currently owns eighty-five (85) patents covering various telecommunications and data networking technologies as well as technologies relating to document stream operating systems and the identification of media content. Network-1's current strategy includes continuing to pursue licensing opportunities for its intellectual property assets. Network-1's strategy is to focus on acquiring and investing in high quality patents which management believes have the potential to generate significant licensing opportunities as Network-1 has achieved with respect to its Remote Power Patent and Mirror Worlds Patent Portfolio. Network-1's Remote Power Patent has generated licensing revenue in excess of $170,000,000 from May 2007 through March 31, 2021. Network-1 has achieved licensing and other revenue of $47,150,000 through March 31, 2021 with respect to its Mirror Worlds Patent Portfolio.

Contacts:

Network‑1 Technologies, Inc.
Corey M. Horowitz, Chairman and CEO
212-829-5770 (o)
917-692-0000 (m)

SOURCE: Network-1 Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/657249/Network-1-Announces-Settlement-of-Patent-Litigation-With-Hewlett-Packard

FAQ

What is the settlement amount Network-1 received from Hewlett-Packard?

Network-1 received $17 million from Hewlett-Packard as part of the settlement.

What is the significance of the Remote Power Patent for Network-1?

The Remote Power Patent has generated over $170 million in licensing revenue for Network-1 since 2007.

When did the Remote Power Patent expire?

The Remote Power Patent expired on March 7, 2020.

What type of products does the Remote Power Patent cover?

The Remote Power Patent covers Power over Ethernet (PoE) products.

What was the nature of the litigation Network-1 settled?

The litigation was for patent infringement regarding the Remote Power Patent against Hewlett-Packard.