Thomson Reuters ONE via COMTEX) -- Vringo to Develop Wireless Technology for First Responders
NEW YORK - March 19, 2013 - Vringo, Inc. (nyse mkt:VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today announced a partnership with Virginia Tech Intellectual Properties (VTIP), the licensing arm of Virginia Polytechnic Institute and State University, commonly known as Virginia Tech.
Through the partnership, VTIP has provided exclusive rights to patented wireless technology that will enable Vringo to conduct related research and development and secure future licensing rights. This technology was developed at Virginia Tech's Wireless@VT research group, one of the largest university wireless research groups in the United States. The technology was funded in part under a grant from the National Science Foundation. The National Science Foundation is an independent federal agency created by Congress to promote the progress of science, advance the national health, prosperity, and welfare, and secure the national defense.
Vringo will lead the research and development efforts for the technology.
"Virginia Tech is a top academic and research institution. Vringo's partnership with VTIP furthers our mission to support research and innovation of cutting edge wireless technologies," said Ken Lang, Chief Technology Officer of Vringo. "These new patents are complementary to Vringo's extensive world-wide patent portfolio covering wireless telecommunications infrastructure," Mr. Lang added.
"VTIP is pleased to partner with Vringo to further develop this technology as a cornerstone for future cell phone systems," noted Mark Coburn, President of VTIP. "Vringo has just the characteristics we are looking for to help us take emerging technologies to market."
Upon further development, the patented technology could potentially enable first responders to quickly set up a wireless network in areas where telecommunication infrastructure has been destroyed or rendered inoperable. Through this technology, rescue workers and people in need of help could remain in communication with each other and the outside world. The technology may also have consumer applications, allowing for wireless communication in areas where wireless service is limited or unavailable, such as subways, tunnels, or remote locations.
The licensed patents are U.S. Patent 7,289,972, entitled "Cognitive Radio Engine Based On Genetic Algorithms In A Network" and U.S. Patent 8,094,610, entitled "Dynamic Cellular Cognitive System." In August 2012, Vringo expanded its patent portfolio with the acquisition of over five hundred patents and patent applications covering telecommunications infrastructure.
About Virginia Tech Intellectual Properties
Formed in 1985 as an affiliated corporation of Virginia Tech, Virginia Tech Intellectual Properties is passionate in its pursuit of excellence in technology commercialization, creating market opportunities from scientific innovation. It strives to make a positive contribution to society through its expertise in protecting, marketing and commercializing technology and innovation. Its goal is to pursue innovative strategies to help translate scientific progress into tangible products, while returning income to the inventor and Virginia Tech to support further research and education. VTIP facilitates the licensing of technology to companies, encourages new faculty startup ventures, works with publishers and distributors of software, and supports the transfer of research and knowledge to other universities, research institutes and companies.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of mobile technologies and intellectual property. Vringo's intellectual property portfolio consists of over five hundred patents and patent applications covering telecommunications infrastructure, internet search, and mobile technologies. The patents and patent applications have been developed internally, and acquired from third parties. Vringo operates a global platform for the distribution of mobile social applications and services. For more information, visit: www.vringoIP.com.
Forward-Looking Statements
This press release includes forward-looking statements, which may be identified by words such as believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: the inability to realize the potential value created by the merger with Innovate/Protect for our stockholders; our inability to raise additional capital to fund our combined operations and business plan; our inability to monetize and recoup our investment with respect to patent assets that we acquire; our inability to maintain the listing of our securities on the NYSE MKT; the potential lack of market acceptance of our products; our inability to protect our intellectual property rights; potential competition from other providers and products; our inability to license and monetize the patents owned by our subsidiaries; our inability to monetize and recoup our investment with respect to patent assets that we acquire; and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our quarterly report on Form 10-Q filed with the SEC on November 14, 2012. Vringo expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
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