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 in the 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.
SOURCE Spherix Incorporated