ZEPHYR COVE, Nev., Feb. 24, 2020 /PRNewswire/ -- VirnetX™ Holding
Corporation (NYSE AMERICAN: VHC), an Internet security
software and technology company, announced today that the U.S.
Supreme Court denied Apple's petition for a writ of certiorari
seeking review of the judgment of the U.S. Court of Appeals for the
Federal Circuit in case 2018-1197. The underlying judgment in
the case awarded VirnetX a total of $439.8
million in damages, fees, and interest.
On October 16, 2017, Apple signed
an agreement with VirnetX stipulating Apple agrees that, as
provided in Exhibit A, Apple will pay any payments then due under
the Judgment within 20 days of completion of any appeal from the
Judgment in this matter, as well as any proceedings seeking relief
from the Judgment before the Supreme Court of the United States, and any remand proceedings
in the event the court of appeals or Supreme Court grants Apple
relief from the Judgment, or within 20 days of the expiration of
the times for initiating such appellate or Supreme Court
proceedings.
"We are extremely pleased with the Supreme Court's decision not
to hear Apple's writ of certiorari," said Kendall Larsen, VirnetX CEO and President. "It
has taken us 10 long years, 4 successful jury trials, 2 successful
Appellate Court rulings and a favorable Supreme Court decision to
get here. We believe in the fairness of the American justice
system and have respectfully played by its rules no matter how
arduous. We trust Apple will honor the decisions rendered by
our courts and their esteemed judges and honor an agreement to
abide by the court's decision."
"We are a small company with valuable security technology.
The inventors of that technology have senior level positions at
VirnetX. It has always been our objective to create our own
products with our proprietary technology. Unfortunately, when
other companies are using your technology without permission, you
must take action to protect that company asset," continued
Kendall Larsen. "We have
always believed that we were in the right with our court actions
against Apple. Four juries and countless judges agree.
We believe that our technology provides an important security
feature in some Apple products especially the iPhone. The
jury award we received and confirmed by Federal judges, is less
than a quarter of one percent of the cost of an iPhone. We
believe this amount is more than fair considering the importance of
Internet security."
About VirnetX
VirnetX Holding Corporation is an Internet security software and
technology company with patented technology for secure
communications including 4G LTE and 5G security. The Company's
software and technology solutions, including its secure domain name
registry and Gabriel Connection Technology™, are designed to
facilitate secure communications and to create a secure environment
for real-time communication applications such as instant messaging,
VoIP, smart phones, eReaders and video conferencing. The Company's
patent portfolio includes over 115 U.S. and international patents
and over 50 pending applications. For more information, please
visit www.virnetx.com
Forward Looking Statements
Statements in this press
release that are not statements of historical or current fact,
including statements regarding the strength of VirnetX's
intellectual property, constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are based on
expectations, estimates and projections about the markets in which
the Company operates, management's beliefs, and certain assumptions
made by management and involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of the Company to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements, including but not limited to
(1) the outcome of any legal proceedings that have been or may be
initiated by the Company or that may be initiated against the
Company, including pending and future inter partes review
proceedings in the Patent and Trademark Office; (2) the ability to
capitalize on the Company's patent portfolio and generate licensing
fees and revenues; (3) the ability of the Company to be successful
in entering into licensing relationships with its targeted
customers on commercially acceptable terms; (4) potential
challenges to the validity of the Company's patents underlying its
licensing opportunities; (5) the ability of the Company to achieve
widespread customer adoption of the Company's Gabriel Communication
Technology™ and its secure domain name registry; (6) the level of
adoption of the 3GPP Series 33 security specifications; (7) whether
or not the Company's patents or patent applications may be
determined to be or become essential to any standards or
specifications in the 3GPP LTE, SAE project or otherwise; (8) the
extent to which specifications relating to any of the Company's
patents or patent applications may be adopted as a final
standard, if at all; and (9) the possibility that Company may be
adversely affected by other economic, business, and/or competitive
factors. In addition to statements which explicitly describe
such risks and uncertainties, readers are urged to consider
statements labeled with the terms "believes," "belief," "expects,"
"intends," "anticipates," or "plans" to be uncertain and
forward-looking. The forward-looking statements contained
herein are also subject generally to other risks and uncertainties
that are described from time to time in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including those under the heading "Risk Factors" in
Company's Annual Report on Form 10-K filed on March 19, 2019 and Quarterly Report on Form 10-Q
filed with the SEC on November 8,
2019. Many of the factors that will determine the outcome of
the subject matter of this press release are beyond the Company's
ability to control or predict. Except as required by law, the
Company is under no duty to update any of the forward-looking
statements after the date of this press release to conform to
actual results.
Contact:
Investor Relations
VirnetX Holding Corporation
775.548.1785
ir@virnetx.com
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SOURCE VirnetX Holding Corporation