Court-Appointed Experts Find That ZTE Sold Products In Violation Of Court Order
NEW YORK - May 19, 2015 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation, development and monetization of intellectual property, today announced that court-appointed experts in Brazil have issued a report stating that ZTE violated a Brazilian court injunction.
Vringo received a preliminary injunction against ZTE on April 15, 2014, prohibiting ZTE from manufacturing, using, offering for sale, selling, installing, testing, or importing any 3G, 4G, or LTE infrastructure equipment in Brazil. The Federal and State Courts of Rio de Janeiro have, six times, denied ZTE's appeal of this injunction.
Based on evidence of a potential violation of the injunction, the State Court of Rio de Janeiro appointed experts to investigate ZTE's activities in Brazil. According to the expert report, a December 1, 2014 raid of ZTE's warehouse in Hortolândia, São Paulo, Brazil uncovered 977 components of infringing products. A Court officer, under the supervision of ZTE's employees, put these components under seal, preventing their movement out of ZTE's warehouse. As a result of the raid, the experts obtained more than 7,000 ZTE invoices and, after an exhaustive investigation, determined that ZTE sold at least 360 components in violation of the injunction since April 2014. In their report, the experts also noted that ZTE failed to produce several accounting and tax documents that ZTE had been specifically ordered to produce during the raid.
"ZTE's flagrant violation of the Court-ordered injunction in Brazil is yet another example of its refusal to play by the rules," said David Cohen, Vringo's Chief Legal and Intellectual Property Officer. "Courts around the world have taken notice of ZTE's lack of respect for intellectual property and the rule of law," Mr. Cohen continued.
Vringo now plans to file a motion for contempt with the Court requesting that punitive measures be taken against ZTE for its violation of the injunction.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of intellectual property and mobile technologies. Vringo's intellectual property portfolio consists of over 600 patents and patent applications covering telecom infrastructure, internet search, and mobile technologies. The patents and patent applications have been developed internally, and acquired from third parties. For more information, visit:www.vringo.com. (http://www.vringo.com./)
Forward-Looking Statements
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: our inability to license and monetize our patents, 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; our inability to develop and introduce new products and/or develop new intellectual property; our inability to protect our intellectual property rights; new legislation, regulations or court rulings related to enforcing patents, that could harm our business and operating results; unexpected trends in the mobile phone and telecom infrastructure industries; our inability to raise additional capital to fund our combined operations and business plan; our inability to maintain the listing of our securities on a major securities exchange; the potential lack of market acceptance of our products; potential competition from other providers and products; our inability to retain key members of our management team; the future success of Infomedia and our ability to receive value from its stock; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC on March 16, 2015. 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.
Contacts:
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein@vringoinc.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vringo, Inc. via Globenewswire
