First Trial of Nortel Patents Since Bankruptcy Scheduled Against Verizon for
First Quarter of 2015
Federal Circuit Issues Scheduling Order in Litigation Against Verizon
BETHESDA, Md., Aug. 25, 2014
BETHESDA, Md., Aug. 25, 2014 /PRNewswire/ -- Spherix Incorporated (NASDAQ:
SPEX)--an intellectual property development company committed to the
fostering and monetization of intellectual property, announced that on August
19, 2014, the Honorable Gerald Bruce Lee, United States District Judge for the
Eastern District of Virginia, in Case No. 1:14-cv-00721 -GBL-TCB, issued a
scheduling order in the Company's patent litigation against Verizon Services,
Corp.; Verizon South, Inc.; Verizon Virginia LLC; Verizon Communications,
Inc.; Verizon Federal, Inc.; Verizon Business Network Services, Inc.; MCI
Communications Services, Inc. (collectively "Verizon")(NYSE: VZ).
The judge ordered both parties to appear for a pretrial conference on
September 10, 2014, and ordered discovery to be complete by December 12, 2014.
The order also states the trial of this case will be within four to eight
weeks after the December 18, 2014 final pretrial conference.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "It's been three
years since the auction of the Nortel Patent portfolio garnered $4.5 billion
dollars and a portion of those same patents are now scheduled for trial
against Verizon. To our knowledge, this may be the first time since the
auction that these valuable patents will be presented to a jury. The Company
looks forward to a jury confirming just how valuable these parents are and we
are pleased that will happen quickly."
The patents asserted in the litigation were acquired by Spherix in December
2013 from Rockstar, and are related to Verizon's FiOS, VoIP and other internet
services provided by Verizon. The complaint seeks recovery of damages for a
portion of the substantial revenue associated with the infringed patents.
Spherix Incorporated was launched in 1967 as a scientific research company.
Spherix is committed to advancing innovation by active participation inthe
patent market. Spherix draws on portfolios of pioneering technology patents to
partner with and support product innovation.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the federal securities laws. Words such as
"may," "might," "will," "should," "believe," "expect," "anticipate,"
"estimate," "continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should not be placed
on any such forward-looking statements, which are based on information
available to us on the date of this release. These forward looking statements
are based upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set forth in the
Company's filings with the Securities and Exchange Commission (the "SEC"), not
limited to Risk Factors relating to its patent business contained therein.
Thus, actual results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a result of
new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Phone: (646) 536-7331
Phone: (703) 992-9325
SOURCE Spherix Incorporated
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