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.
Network-1 Security Solutions, Inc.
Corey M. Horowitz, 212-829-5770
Alliance Advisors, LLC
Alan Sheinwald, 914-244-0062
SOURCE Network-1 Security Solutions, Inc.
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
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