Network-1 Announces Settlement of Patent Litigation With Motorola Solutions
Network-1 Security Solutions, Inc. (OTC: NSSI) announced today that it agreed to settle its patent litigation against Motorola Solutions, Inc. (NYSE: MSI) 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). Motorola was one of 16 defendants named in the litigation.
As part of the settlement, Motorola entered into a settlement agreement and non-exclusive license agreement for the Remote Power Patent. Under the terms of the license, Motorola will license the Remote Power Patent for its full term which expires in March 2020, and pay a license initiation fee and quarterly royalties (beginning as of January 1, 2012) based on its sales of Power over Ethernet ("PoE") products, including those PoE products which comply with the Institute of Electrical and Electronic Engineers ("IEEE") 802.3af and 802.3at Standards.
As part of the settlement agreement, all claims involving Motorola in the litigation currently pending in the Eastern District of Texas will be dismissed with prejudice.
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