AUSTIN, Texas, Jan. 29, 2016 /PRNewswire/ -- Crossroads Systems, Inc. (NASDAQ: CRDS) today announced that the Patent Trial and Appeal Board ("PTAB") of the United States Patent and Trademark Office issued five decisions in the inter partes review proceedings ("IPR") initiated against two of Crossroads' patents (U.S. Patent Nos. 6,425,035 and 7,051,147) related to technology Crossroads considers fundamental to secure and efficient access to network storage systems.
IPR 2014-01197 and IPR 2014-01226 challenged the validity of the '035 patent in response to Crossroads' lawsuits alleging patent infringement. While the decision in IPR 2014-01197 confirmed the validity of all patent claims subject to that IPR, the decision in IPR 2014-01226 stated such claims are unpatentable. IPR 2014-01207, IPR 2014-01209 and IPR 2014-01544 challenged the validity of the '147 patent in response to Crossroads' lawsuits alleging patent infringement, and the decisions each stated that all patent claims subject to each respective IPR are unpatentable.
The Company is reviewing these decisions and will consider future actions accordingly.
Crossroads anticipates receiving a final decision in one additional pending IPR proceeding by March 17, 2016.
About Crossroads Systems Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data storage solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads has been awarded more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit www.crossroads.com.
Important Cautions Regarding Forward-Looking Statements This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems' ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, the potential market for our data storage products, changes in the fair value of its derivative instruments and its ability to achieve or maintain profitability. The future performance of Crossroads Systems may be adversely affected by the following risks and uncertainties: uncertainties relating to product development and commercialization, uncertain market acceptance of Crossroads Systems products, including StrongBox, intense competition in the data protection and storage markets, variations in quarterly results and a consequence of unpredictable sales cycles and other factors, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, developments in litigation to which we may be a party, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' reports on Form 10-K, Form 10-Q, Form 8-K and other reports filed with the Securities and Exchange Commission, which can be accessed through the SEC's website or by clicking "SEC Filings" on the Company's Investor Relations website at http://investors.crossroads.com. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
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SOURCE Crossroads Systems