VoIP-Pal Receives Favorable Ruling in Court in the Case Against Locksmith

Rhea-AI Summary

VoIP-Pal.com Inc. (VPLM) successfully defended against litigation and received favorable judgment from the Eighth Judicial District Court for the State of Nevada. The court ruled in favor of VoIP-Pal, dismissing all claims by Locksmith Financial Corporation and awarding no damages. Additionally, the company has received interest from potential parties following the announcement of two new RBR continuation patent grants in India.

WACO, Texas, Dec. 04, 2023 (GLOBE NEWSWIRE) -- VoIP-Pal.com Inc. (“VoIP-Pal”, “Company”) (OTCQB: VPLM) is very pleased to announce on Thursday, November 30, 2023, after the completion of trial, the Eighth Judicial District Court for the State of Nevada, rendered its decision in favor of VoIP-Pal upon all claims in the case entitled Locksmith Financial Corporation vs. VoIP-Pal.com Inc., et al., Case No.: A-20-807745-C (the "litigation").

On January 1, 2020, Locksmith Financial Corporation ("Locksmith") commenced the litigation against VoIP-Pal.com Inc., and its transfer agent, New Horizon Transfer Inc., alleging a failure to register the transfer of certain shares that had been originally issued to Locksmith in and around 2013.   Locksmith further requested injunctive relief in the form of an order recognizing its legal right to transfer certain shares in question.  Lastly, Locksmith demanded monetary damages for VoIP-Pal. Inc.'s failure to transfer the shares.

After the conclusion of the trial, the court ruled that two previously issued certificates of VoIP-Pal.com stock are not owned by Locksmith Financial Corporation ("Locksmith"). The court further ruled that Locksmith had not met its burden with respect to any of its claims against VoIP-Pal or New Horizon Transfer, Inc., awarding no damages to Locksmith and specifically ruling that Locksmith take nothing as a result of the litigation.

The Company is also announcing that since the November 1, 2023 announcement of the two new RBR continuation patent grants in India, Patent No.: 450851 and Patent No.: 450865 VoIP-Pal has been approached by representatives of potentially interested parties. They have scheduled to begin exploratory discussions.

About VoIP-Pal.com Inc.
VoIP-Pal.Com, Inc. (“VoIP-Pal”) is a publicly traded corporation (OTCQB: VPLM) headquartered in Waco, TX. The Company owns a portfolio of patents relating to Voice-over-Internet Protocol (“VoIP”) technology that it is currently looking to monetize.

Any forecast of future financial performance is a “forward looking statement” under securities laws. Such statements are included to allow potential investors the opportunity to understand management’s beliefs and opinions with respect to the future so that they may use such beliefs and opinions as one factor among many in evaluating an investment. While the Company believes in the circumstances that legal action is needed to monetize its patents, patent litigation involves various risks and uncertainties that could affect its ability to monetize the patents. We recognize that it is impossible to predict the specific outcomes of litigation.

Corporate Website: www.voip-pal.com
IR inquiries: IR@voip-pal.com
IR Contact: Rich Inza (954) 495-4600

 

FAQ

What is the latest legal development for VoIP-Pal.com Inc. (VPLM)?

VoIP-Pal successfully defended against a litigation brought by Locksmith Financial Corporation and received a favorable judgment from the Eighth Judicial District Court for the State of Nevada.

What were the claims made by Locksmith Financial Corporation against VoIP-Pal.com Inc. (VPLM)?

Locksmith Financial Corporation alleged a failure to register the transfer of certain shares originally issued to them in 2013, requested injunctive relief, and demanded monetary damages for the company's failure to transfer the shares.

What was the court's ruling on the claims made by Locksmith Financial Corporation?

The court ruled that the shares in question are not owned by Locksmith and that the company had not met its burden with respect to any of its claims against VoIP-Pal or New Horizon Transfer, Inc., awarding no damages to Locksmith.

What is the latest patent development for VoIP-Pal.com Inc. (VPLM)?

The company has received two new RBR continuation patent grants in India, Patent No.: 450851 and Patent No.: 450865, and has been approached by representatives of potentially interested parties for exploratory discussions.