Vertical Computer Systems, Inc. (the “Company”) has settled the patent infringement claim that the Company initiated in federal court against Samsung Electronics Co., Ltd., and Samsung Electronics America, Inc. (“Samsung”). This matter has previously been disclosed under the heading “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (the “2012 10-K”).
Pursuant to the confidential settlement agreement, the Company has granted to Samsung a non-exclusive, fully paid-up license under the two patents (referenced in the 2012 10-K as the “Patents-in-Suit”) which were the subject of this litigation, together with any continuation patents of the Patents-in-Suit and any other patents with the same priority claim as the Patents-in-Suit.
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