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VirnetX Holding Corp Message Board

  • killybfisher killybfisher Apr 5, 2013 12:03 PM Flag

    Apple changes VPN process--say goodbye to potential ongoing royalties

    Bad news VHC--apple is deploying the turnaround so no ongoing royalties for you! Also article got it wrong re judge barring appeal. He did not and cannot. Here's what SAIC said last week about that....SAI, who was the originating company of Virnetx’s patents and who will get a 25% share of any monies collected from Apple said this in their 10k filing:

    Note 18—Other Commitments and Contingencies:
    VirnetX, Inc.
    In fiscal 2007, the Company transferred several patents to VirnetX Inc., a subsidiary of VirnetX Holding Corp. In consideration of this transfer, the Company received certain license rights and the right to receive a percentage of the consideration received in patent infringement or enforcement claims against third parties. In November 2012, a jury found that Apple Corporation infringed two of the patents that the Company previously transferred to VirnetX and awarded approximately $368 million to VirnetX. Under its agreements with VirnetX, the Company would receive 25% of the proceeds obtained by VirnetX in this lawsuit against Apple after reduction for attorneys’ fees and costs incurred in litigating those claims. In February 2013, the judge entered judgment against Apple consistent with the jury verdict; however, the judgment may be appealed. Therefore, no assurances can be given when or if the Company will receive any proceeds in connection with this jury award. In addition, if the Company receives any proceeds under its agreements with VirnetX, the Company is required to pay a royalty on the proceeds received to the customer who paid for the development of the technology. The Company does not have any assets or liabilities recorded in connection with this matter as of January 31, 2013.

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