Vringo Provides Shareholder Update

  Vringo Provides Shareholder Update

Business Wire

NEW YORK -- November 07, 2012

Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation,
development and monetization of mobile technologies and intellectual property,
today provided an update to shareholders.

Yesterday, a jury in U.S. District Court in Norfolk, Virginia ruled in favor
of Vringo, Inc.'s wholly-owned subsidiary, I/P Engine, Inc. in its litigation
against AOL, Inc. ("AOL"), Google, Inc. ("Google"), IAC Search & Media, Inc.
("IAC"), Gannett Company, Inc. ("Gannett"), and Target Corporation ("Target")
(collectively, "Defendants") with respect to the Defendants' infringement of
the asserted claims of U.S. Patent Nos. 6,314,420 and 6,775,664. After finding
that the asserted claims of the patents-in-suit were both valid, and infringed
by Google, the jury found that reasonable royalty damages should be based on a
"running royalty," and that the running royalty rate should be 3.5%.

I/P Engine presented evidence at trial that the appropriate way to determine
the incremental royalty base attributable to Google's infringement was to
calculate 20.9% of Google's U.S. AdWords revenue, then apply a 3.5% running
royalty rate to that base.

The jury also found that a total of $30,496,155 from Google, AOL, IAC, Gannett
and Target, if paid now in cash, would reasonably compensate I/P Engine for
the Defendants’ past infringement commencing on September 15, 2011.

The company has received numerous inquiries about the jury's calculation of
past damages. Vringo's legal team is reviewing the verdict and plans to
address all post-trial matters with the Court.

"We are very pleased with the jury’s conclusions with respect to validity and
infringement,” said Jeffrey Sherwood, co-leader of Dickstein Shapiro’s
Intellectual Property Practice and lead counsel for Vringo. "It is a very
significant win."

Andrew Perlman, Chief Executive Officer of Vringo, said, "I would like to take
this opportunity to thank our shareholders for their continued support. We are
pleased with the fact that the jury found our patents valid and infringed, and
that the defendants should pay a running royalty rate of 3.5%. Yesterday's
verdict was an important milestone in demonstrating the value of our
intellectual property portfolio. We look forward to continue to build
shareholder value through the monetization of our assets."

The case is styled I/P Engine, Inc. vs. AOL Inc. et al., and is pending in
U.S. District Court for the Eastern District of Virginia, Norfolk Division.
The case number is 2:11cv512RAJ. The court docket for the case is publicly
available on the Public Access to Court Electronic Records website,
www.pacer.gov, which is operated by the Administrative Office of the U.S.
Courts.

About Vringo, Inc.

Vringo, Inc. is engaged in the innovation, development and monetization of
mobile technologies and intellectual property. Vringo's intellectual property
portfolio consists of over 500 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. Vringo operates a global platform for the distribution of
mobile social applications and services including Facetones® and Video
Ringtones which transform the basic act of making and receiving mobile phone
calls into a highly visual, social experience. For more information, visit:
www.vringoIP.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: the inability to realize the potential value created
by the merger with Innovate/Protect for our stockholders; our inability to
raise additional capital to fund our combined operations and business plan;
our inability to monetize and recoup our investment with respect to patent
assets that we acquire; our inability to maintain the listing of our
securities on the NYSE MKT; the potential lack of market acceptance of our
products; our inability to protect our intellectual property rights; potential
competition from other providers and products; our inability to license and
monetize the patents owned by Innovate/Protect, 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; 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 quarterly report on Form 10-Q filed with the SEC on
August 14, 2012. 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.

Contact:

Vringo, Inc.
Investors:
Cliff Weinstein, 646-532-6777
Executive Vice President
cliff@vringo.com
or
The Hodges Partnership
Media:
Caroline L. Platt, 804-788-1414 or 804-317-9061 (m)
cplatt@hodgespart.com
 
Press spacebar to pause and continue. Press esc to stop.