Spherix Incorporated, an intellectual property development company committed to the fostering and monetization of intellectual property, provided an update on the Company's case involving the company's wholly owned subsidiary, NNTP, LLC ("NNTP"), against Huawei Device USA Inc., Huawei Technologies USA Inc., Huawei Technologies Cooperatif U.A. and Futurewei Technologies, Inc. (collectively "Huawei").
As noted in the "Report of Mediation" filed with the Court, a memorandum of understanding that favorably resolves the NNTP v. Huawei et al litigation was entered into by the parties. Spherix management anticipates that all documents necessary to resolve this matter will be executed in the next 30 days.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "Spherix remains committed to updating shareholders as its patent monetization efforts progress, and we are pleased to report this positive development. We will proceed as quickly as possible to complete the documents necessary to resolve this matter."
Source: Accesswire
