ParkerVision Secures Patent License and Settlement Agreement with Buffalo, Inc.

Rhea-AI Summary

ParkerVision, Inc. (OTCQB:PRKR) announced the successful resolution of its patent infringement litigation against Buffalo, Inc. on confidential terms, including a patent license. This litigation, initiated in October 2020, pertained to Buffalo's use of WiFi chips. ParkerVision will file a motion to terminate proceedings in Texas, and proceeds will cover legal expenses. The company's chairman emphasized a commitment to innovation, highlighting over $100 million in R&D investment underpinning its wireless technologies now embedded in billions of chips across various applications.

Positive

• Successfully resolved patent infringement litigation with Buffalo, Inc., leading to a patent license.
• Proceeds from the settlement will help cover legal expenses.
• Continued focus on innovation supported by over $100 million in R&D investment.

Negative

• None.

JACKSONVILLE, FL / ACCESSWIRE / May 19, 2021 / ParkerVision, Inc. (OTCQB:PRKR), a leading developer of radio frequency technologies used in advanced wireless solutions, announced today that it has successfully resolved its patent infringement litigation against Buffalo, Inc. on mutually-agreeable and confidential terms including a patent license. Buffalo, Inc., of Nagoya, Japan ("Buffalo") manufactures and sells computer related products.

In conjunction with this agreement, ParkerVision will file a motion to terminate its patent infringement proceedings against Buffalo in the Western District of Texas. Proceeds received will be used for ParkerVision legal expenses.

ParkerVision's patent infringement action against Buffalo was initiated in the Western District of Texas in October 2020 and related to Buffalo's use of WiFi chips in its products. ParkerVision has additional patent infringement actions currently ongoing in the Western District of Texas including cases against Intel, Hisense, TCL and ZyXel.

"We are satisfied with the resolution of all outstanding litigation with Buffalo and with the commercial terms of the agreement," said Jeffrey Parker, ParkerVision's Chairman and CEO.

Mr. Parker further emphasized, "We believe that ParkerVision's wireless innovations, resulting from R&D investments of well over $100 million, are now at the heart of billions of popular wireless chips in a wide range of applications from cellular Smartphone 3G/4G/5G transceivers, to the latest WiFi and IoT devices. While ParkerVision has had to bring litigations to enforce its patent rights, we would prefer to continue to focus on the business of innovation and helping grow the US economy through technology and product development."

About ParkerVision

ParkerVision, Inc. has designed, developed, and patented proprietary radio-frequency (RF) technologies which enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's SEC reports, including the Form 10-K for the year ended December 31, 2020 and the Form 10-Q for the quarter ending March 31, 2021. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Contact:

Cindy French
Chief Financial Officer
cfrench@parkervision.com

Tony Vignieri
Communications Director
tvignieri@parkervision.com

SOURCE: ParkerVision, Inc.

View source version on accesswire.com:
https://www.accesswire.com/648123/ParkerVision-Secures-Patent-License-and-Settlement-Agreement-with-Buffalo-Inc

FAQ

What is the outcome of ParkerVision's litigation against Buffalo, Inc.?

ParkerVision successfully resolved its patent infringement litigation with Buffalo, Inc., resulting in a patent license and termination of proceedings.

What will ParkerVision do with the proceeds from the Buffalo settlement?

The proceeds received from the settlement will be used to cover ParkerVision's legal expenses.

When was the patent infringement litigation against Buffalo initiated?

The litigation against Buffalo, Inc. was initiated in October 2020.

What technologies does ParkerVision develop?

ParkerVision develops radio frequency technologies for advanced wireless communication products.

How much has ParkerVision invested in R&D?

ParkerVision has invested over $100 million in research and development.