Located in New York, New York, Network-1 owns six patents covering various telecommunications and data networking technologies and is engaged in the acquisition, development, licensing and protection of its intellectual property and proprietary technologies. Today, Network-1 took a major step towards enhancing their future with the announcement that they have settled patent litigation with several major networking vendors.
The major networking vendors that Network-1 agreed to settle with include: Adtran, Inc., Cisco Systems, Inc. and Cisco-Linksys, LLC, (collectively, “Cisco”), Enterasys Networks, Inc., Extreme Networks, Inc., Foundry Networks, Inc., and 3Com Corporation, Inc., pending in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of Network-1’s Remote Power Patent, U.S. Patent No. 6,218,930 (“Remote Power Patent”).
As part of the settlement, Cicso has agreed to pay royalties based on its sales of Power over Ethernet (“PoE”) products up to maximum royalty payments per year of $8 million through 2015 and $9 million thereafter for the remaining term of the patent. The Licensed Defendants have also agreed to pay Network-1 an aggregate upfront payment of approximately $32 million and have also agreed to license the Remote Power Patent for its full term, which expires in March 2020.
The successful settlement will provide Network-1 with the capital and exposure to place them as a major player in the technology sector and allow the young company to explore many new venues.
To learn more about Network-1, visit the company website at: www.Netwrok-1.com.