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PeerStream Provides Update on Paltalk Patent Infringement Claim


Final Patent Trial and Appeal Board Decision Expected by May 15, 2019

New York, NY, Feb. 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, today announced that the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office held a hearing on February 13, 2019 in connection with the previously announced patent infringement lawsuit against Riot Games, Inc. and Valve Corporation.

On December 16, 2016, a wholly owned subsidiary of the Company, Paltalk Holdings, Inc. (“Paltalk”), filed a patent infringement lawsuit in Delaware against Riot Games, Inc. and Valve Corporation for infringement of U.S. Patent Nos. 5,822,523 and 6,226,686 with respect to their online games League of Legends and Defense of the Ancients 2. These two patents were previously asserted against, and then licensed to, Microsoft, Sony, and Activision. In 2018, Valve Corporation moved to transfer the litigation from Delaware to the Western District of Washington. Such motion was granted by the court.  The Riot Games litigation remains in Delaware.

On November 2, 2017 Riot Games, Inc. filed a total of four (two per patent held by Paltalk) petitions for inter partes review, which is a trial proceeding conducted by the PTAB, seeking to have the Paltalk patents declared invalid. On May 15, 2018, inter partes review was instituted, and on February 13, 2019, the PTAB held a hearing on the matter. Pursuant to U.S. patent laws and subject to certain exceptions, a final determination by the Board as to the validity of the patents will be issued by May 15, 2019.  

In 2010, a reexamination proceeding was instituted against patents 5,822,523 and 6,226,686 which resulted in both patents being reaffirmed as valid patents as well as numerous additional claims being added to the patents.  “As previous claims against these two important patents were asserted against, and then licensed to Microsoft, Sony, and Activision, we believe patents 5,822,523 and 6,226,686 constitute innovative and valuable intellectual property and look forward to the PTAB’s decision,” said Alex Harrington, Chief Executive Officer of PeerStream.

About PeerStream, Inc. (PEER)

PeerStream is a global internet solutions provider pioneering the real-world adoption of emerging blockchain technologies by developing software, services and applications for corporate clients and consumers. PeerStream supports clients’ transition to blockchain through license of proprietary software such as PeerStream Protocol (“PSP”), a protocol for decentralized multimedia communications and live video streaming currently in development. PeerStream has a 20-year history of technology innovation and holds 26 patents. 

For more information, please visit: http://www.peerstream.com.

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Forward-Looking Statements

This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties related to our increasing focus on the use of new and novel technologies, such as blockchain, to enhance our applications, and our ability to timely complete development of applications using new technologies; our ability to effectively market and generate revenue from our new business solutions unit; development and acceptance of blockchain technologies and the continuing growth of the blockchain industry; legal and regulatory requirements related to the use of blockchain, us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services, the use of the internet and privacy and protection of user data; risks related to our holdings of XPX tokens, including risks related to the volatility of the trading price of the XPX tokens and our ability to convert XPX tokens into fiat currency; and our ability to manage our partnerships and strategic alliances, including the ability of our partners to satisfy their obligations under these arrangements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.


Contacts

IR@peerstream.com

Kirin Smith / Stephanie Prince

PCG Advisory Group

ksmith@pcgadvisory.com

646-863-6519