Network-1 Receives Proceeds from Exercise of Warrants
NEW YORK, Sept. 13 /PRNewswire-FirstCall/ -- Network-1 Security Solutions, Inc. (OTC Bulletin Board: NSSI), today announced that it had received $635,000 in proceeds from the exercise of common stock purchase warrants held by FalconStor Software, Inc. (Nasdaq: FALC). The warrants were originally issued in 2001 as part of a private financing and were each exercisable for one share of Network-1 Common Stock at $1.00 per share.
Network-1's patent infringement litigation against D-Link Systems Inc. and its corporate parent D-Link Corporation, Inc. of Taiwan involving the Company's Remote Power Patent is proceeding on a timely basis in the United States District Court for the Eastern District of Texas, Tyler Division. A Markman hearing will be held on September 19, 2006 and a trial is set for March 9, 2007.
The Remote Power Patent relates to, among other things, the delivery of power over Ethernet cables in order to remotely power network connected devices including, among others, wireless switches, wireless access points, RFID card readers, VOIP telephones and network cameras. In June 2003, the Institute of Electrical and Electronic Engineers (IEEE) approved the IEEE 802.3af Power over Ethernet ("PoE") standard (the "Standard") which has led to the rapid adoption of PoE. According to industry analysts, annual revenues for several of the markets adopting this technology each exceed or are projected to exceed $1 billion.
ABOUT NETWORK-1 SECURITY SOLUTIONS, INC.
Network-1 Security Solutions, Inc. is engaged in the acquisition, development, licensing and protection of its intellectual property and proprietary technologies. As part of its business strategy it is offering licenses to third parties who Network-1 believes could benefit from the technologies covered by its patents. In February 2004, the Company initiated its licensing efforts relating to its patent (U.S. Patent No. 6,218,930) covering the remote delivery of Power over Ethernet cables.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements address future events and conditions concerning the Company's business plans. Such statements are subject to a number of risk factors and uncertainties as disclosed in the Company's Quarterly Report on Form 10-QSB for the three months ended June 30, 2006 including, among others, the ability of Network-1 to obtain license agreements from third parties for its patent portfolio, uncertainty of patent litigation, the Company's ability to achieve revenues and profits from its patent portfolio, the Company's ability to raise capital when needed, future economic conditions and technology changes and legislative, regulatory and competitive developments. Except as otherwise required to be disclosed in periodic reports, the Company expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein.
Contacts: Company Network-1 Security Solutions, Inc. Corey M. Horowitz, 212-829-5770 Corey@Network-1.com Or Investors Alliance Advisors, LLC Alan Sheinwald, 914-244-0062 firstname.lastname@example.org
SOURCE Network-1 Security Solutions, Inc.
CONTACT: Corey M. Horowitz of Network-1 Security Solutions, Inc., +1-212-829-5770, Corey@Network-1.com; or Investors: Alan Sheinwald of Alliance Advisors, LLC, +1-914-244-0062, email@example.com -0- Sep/13/2006 12:45 GMT