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GLENDALE, CA, December 09, 2011 /24-7PressRelease/ -- Calypso Wireless, Inc. ("Calypso") (OTC: CLYW/ CLYW.PK) and Drago Daic announce today they have executed final settlement documentation that brings an end to their long dispute, first announced in the Company's 8-K filed on August 19, 2011. The settlement vacates the $117 million, December 8, 2006 judgment in favor of Drago Daic. Under the new, final agreement, all prior agreements are void. Calypso now has the sole and immediate right to use, sale and development of the Company's patents and technology in the United States. Mr. Daic will have the sole and immediate right to use, sale and development of the patents and technology throughout the rest of the world. In addition, Calypso will pay Mr. Daic 28% of the gross recovery (less certain expenses), if any, received by Calypso from pending litigation with T Mobile. The 28% agreement applies only to the T Mobile case.
Cristian Turrini, Calypso's Chairman of the Board and CEO and President stated, "We are pleased to finally end this dispute with Mr. Daic and are encouraged to move the company forward." Turrini also said, "now that the ownership of our intellectual property is clearly established we are now going to focus all of our energies in capitalizing the technologies in the US for the benefit of our shareholders. We also want to express our deepest appreciation to the attorneys that represented the Company over the years and made this settlement possible, Spencer Markle, Paul Storm and Miles Cohn."
Drago Daic issued a statement saying that he was pleased to see the dispute over. "We have always believed the patents have great value and interest, and we look forward to the opportunity to develop the technology. While it has been an arduous journey, we wish Calypso nothing but the best in their forward endeavors."
About Calypso Wireless, Inc.
Calypso Wireless is the company behind the ASNAP(TM) technology for which it was granted U.S. Patent #6,680,923 titled "Communication system and method" (http://www.uspto.gov search U.S. patent number 6,680,923), which covers the seamless roaming of voice, video and data between Wide Area Network access points, such as cellular towers (GSM/GPRS/EDGE, CDMA, WCMDA etc.) and short-range Internet access points (such as Wi-Fi, Bluetooth, etc.).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words.
These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to (i) The ability to provide technology in the future, (ii) Unexpected changes in the technology market, (iii) The success of the Company's expansion and sales and marketing strategies (iv) Competition within the Data Synchronization market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.
Calypso is a technology development company.
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