Straight Path IP Group Files Patent Protection Actions Against Electronics Firms
GLEN ALLEN, Va.--(BUSINESS WIRE)-- Straight Path IP Group, Inc. (SPIPG), a subsidiary of Straight Path Communications Inc. (NYSE MKT: STRP), announced today that it has filed patent protection actions with the United States International Trade Commission (ITC) against some of the most widely recognized names in electronics including LG, Panasonic, Sony, Toshiba, Sharp, and Vizio.
SPIPG asked the ITC to halt the importation and sale of the manufacturers' infringing products in the United States. Examples of infringing products include smartphone handsets, tablet computers, eReaders, smart TVs, gaming consoles, Blu-ray players, and set-top boxes.
"We intend to vigorously and tenaciously defend our IP across industry verticals, wherever our technology is being used without license. We owe it to our stockholders to prevent infringement of our IP," said David Jonas, Straight Path IP Group's Chief Executive Officer.
Jonathan Rand, Straight Path's Chief Financial Officer, said, "The strategic importance of our IP and the strength of the underlying patents enables us to structure our patent defense program to minimize our current expenditure levels while maintaining very significant upside potential for our stockholders."
SPIPG's complaint targets both domestic and foreign entities that SPIPG believes are infringing its patents.
SPIPG also filed actions simultaneously in the U.S. District Court for the Eastern District of Virginia against substantially the same parties.
About Straight Path Communications Inc. (SPCI):
SPCI (NYSE MKT: STRP) leases its extensive holdings of 39 and 28 GHz fixed wireless spectrum licenses through its Straight Path Spectrum subsidiary. SPCI holds and licenses certain patent rights through its Straight Path IP Group subsidiary.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent Form 10 filing (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Straight Path Communications Inc.
Jonathan Rand, 804-433-1528
KEYWORDS: United States North America Virginia
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