Another otcbb settles its first patent case.
TORONTO, ONTARIO--(Marketwire - Feb. 19, 2008) -
Counsel Corporation ("Counsel") (TSX:CXS - News) is pleased to announce that its 92%-owned subsidiary, C2 Global Technologies Inc. ("C2")(OTCBB:COBT - News), has settled its patent infringement litigation against AT&T by entering into a Settlement and License Agreement.
The terms of the Agreement are confidential.
The AT&T license represents a breakthrough as it is the first license that C2 has negotiated for the '373 Patent. C2 intends to aggressively pursue licenses from other entities that are using its patented technology, which includes corresponding patents in Australia, Canada, China and Europe.
In June 2006, C2 Communications Technologies Inc., a wholly-owned subsidiary of C2, filed a patent infringement lawsuit against AT&T, Inc., Verizon Communications, Inc., Qwest Communications International, Inc., Bellsouth Corporation, Sprint Nextel Corporation, Global Crossing Limited, and Level 3 Communications, Inc. The complaint was filed in the Marshall Division of the United States District Court for the Eastern District of Texas and alleges that the defendants' services and systems utilizing Voice over Internet Protocol ("VoIP") infringe C2 Communications' U.S. Patent No. 6,243,373, (the "'373 Patent") entitled "Method and Apparatus for Implementing a Computer Network/Internet Telephone System". The complaint seeks an injunction, monetary damages and costs. In June 2007, the complaint against Bellsouth Corporation was dismissed without prejudice. A trial date of August 4, 2008 has been set for the lawsuit.
Allan Silber, Chairman & CEO of Counsel and C2 said "We believe that C2 holds foundational patents in VoIP technology, which have the potential to generate significant licensing and royalty revenue. After supporting this initiative over the past five years we look forward to realizing the benefits of this strategy in the future."
Mr. Silber added, "We are very excited about the progress that Counsel has made over the past year. We are gratified to be able to add the validation of our patent strategy to the launch of our private equity initiative through Knight's Bridge Capital Corporation, our sponsorship of the initial public offering for Terra Firma Capital Corporation and the disposition of our seniors living business, which greatly strengthened our balance sheet and financial position."
About Counsel Corporation
Counsel Corporation (TSX:CXS - News) is a global asset management firm that actively partners with businesses to achieve shared success and to unlock value through leveraging our relationships, our access to capital and our strategic market experience. For further information, please visit Counsel's website at www.counselcorp.com.
Forward-Looking Statements
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Counsel currently operates, but because of the factors listed herein, as well as other factors beyond Counsel's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in Counsel's securities and other regulatory filings.
