NEW YORK, Aug. 8, 2016 /PRNewswire/ -- Spherix Incorporated (NASDAQ: SPEX) – a company committed to the fostering of technology and the monetization of intellectual property, today issued an update commenting on recent events. The Company said:
"We are now out of the "quiet period" required by the SEC after our recent raise and want to update our shareholders. Working with Equitable IP, there are several additional patent suits planned. Before September 1st, Equitable intends to continue the monetization effort by filing more suits on the valuable patents formerly owned by Nortel," said Anthony Hayes, Chief Executive Officer of Spherix.
Dean Becker, Chairman of Equitable IP commented, "These are tremendously valuable patents and we are working diligently to put more suits on file. We anticipate 2-3 more suits before the end of August and additional suits filed in September."
Spherix also commented on recent court decisions in the patent space. The Company commented on the issuance of the decision by the Court of Appeals for the Federal Circuit in re: Magnum Oil Tools Int'l, Ltd., No. 2015-1300, a case involving the standards that should be used when evaluating patent validity. In a complete reversal of the Patent Trial and Appeal Board (the "Board"), the Federal Circuit held that the Board clearly erred in shifting the burden of proving obviousness to the patent owner in an inter partes re-examination proceeding ("IPR").
Mr. Hayes stated, "We are encouraged by the Federal Circuit's reversal of the IPR decision in Magnum. We are heartened by the Court's re-affirmation that the burden of proof does not shift to the patent holder simply because the PTAB decided to institute the IPR. I believe this opinion reassures patent holders that they will have their day in court and challengers will be held to their burden. We will continue to vigorously assert our appeal to have the PTAB's invalidity finding of the Company's patent reversed."
As Spherix previously reported, in a decision issued February 3, 2016, the PTAB invalidated claims of Spherix's U.S. Patent No. 5,581,599 (the '599 Patent") based on obviousness and the Company has filed an appeal of that decision to the Federal Circuit. The Company is presently asserting the '599 Patent in its patent infringement case against Uniden Corporation.
Spherix is committed to advancing innovation by active participation in all areas of the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation. Spherix has acquired over 100 patents from Rockstar Consortium Inc., and several hundred patents issued to Harris Corporation, covering a variety of methods and components involved in switching, routing, networking, optical and telecommunication sectors.
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.
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SOURCE Spherix Incorporated