Myriad Group to Receive USD 12 Million in Openwave Settlement

Aug 29, 2011, 01:30 ET from Myriad Group AG

ZURICH, Aug. 29, 2011 /PRNewswire/ -- Myriad Group AG (SIX Swiss Exchange: MYRN), a global leader in mobile technology having shipped over 3.8 billion software applications on more than 2.2 billion phones, today announced that it reached settlement of a legal case with Openwave Systems Inc., Redwood City/CA, and will receive a cash payment of USD 12 million in September 2011.  

As a result, the company's cash position will increase to approximately USD 28 million (USD 16.4 million as at 30 June 2011).

Simon Wilkinson, Myriad CEO, commented: "The settlement of our legal action with Openwave Systems Inc., this week demonstrates our continued ability to successfully protect Myriad's trading rights. This will significantly boost Myriad's cash resources to fund future growth, as the business capitalizes on new market opportunities."

About Myriad

Myriad Group AG is a global leader in mobile technology and has shipped over 3.8 billion software applications in more than 2.2 billion mobile phones. By bringing together market-leading technologies to create unique solutions, Myriad offers both operators and handset manufacturers a compelling portfolio of mobile software and services: social networking, Android, Java, browsing, messaging and middleware for all types of mobile phones, from ultra-low cost handsets to advanced smartphones. Myriad also deploys USSD-based customer self-care platforms that deliver over 10 billion messages a year to 220 million mobile users worldwide.

Myriad operates worldwide with offices in Switzerland, France, UK, USA, Mexico, China, South Korea, Taiwan, Japan and Australia. Headquartered in Zurich, Switzerland, Myriad is listed on the SIX Swiss Exchange (SIX Symbol: MYRN).

With its deep expertise and broad portfolio, Myriad enables its customers to create and deliver amazing experiences on mass-market mobile phones.

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SOURCE Myriad Group AG