Calypso Wireless, Inc. ("Calypso") (CLYW) has announced that its Board of Directors and Drago Daic and Jimmy Williamson, PC have approved the settlement of the litigation pending in the 333 rd Judicial District Court of Harris County, Texas between Calypso, on the one hand, and Drago Daic and Jimmy Williamson, PC on the other. The settlement is subject to finalization of a formal settlement agreement that will vacate the prior December 8, 2006 judgment in favor of Drago Daic. Under the terms agreed to by the parties, Calypso will have the sole and immediate right to exploit the Company's patents and technical development rights in the United States and Mr. Daic will have the sole right to exploit the Company's patents and technical development rights throughout the rest of the world. In addition, Calypso will pay Mr. Daic 28% of the gross recovery (less specified expenses), if any, received by Calypso from its current pending litigation with T Mobile.
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