Cisco Systems Settles Patent Litigation and Acquires Technology License from HandTrade
SAN JOSE, CA and GREAT RIVER, NY, March 23, 2001 - HandTrade.com (HandTrade), a privately held wireless software applications and services company, and Cisco Systems, Inc. (NASDAQ: CSCO), the worldwide leader in networking for the Internet, have entered into a non-exclusive licensing agreement as part of a settlement of patent litigation brought against Cisco Systems by Visual Interactive Phone Concepts, Inc, the exclusive licensor to HandTrade. The licensed patents cover systems for conducting transactions using video-enabled wired and wireless phones. As a result of the settlement, all claims against Cisco Systems have been dismissed.
About HandTrade.com
HandTrade.com is a privately owned company headquartered in Great River, New York's Long Island Technology Center. HandTrade has two main divisions: The first division licenses key intellectual property rights from HandTrade's broad portfolio of intellectual property which covers mobile commerce (m-commerce) and e-commerce transactions conducted on wired and wireless video-enabled phones. This division licenses companies such as manufacturers, wireless carriers and application developers in the m-commerce arena if their hardware or software applications are used to conduct transactions over wired and wireless video-enabled phones. HandTrade acquired key patents in the m-commerce area, including the right to sublicense these patents, through an exclusive license agreement with Visual Interactive Phone Concepts Inc.
HandTrade's second division develops software applications and solutions for wireless devices (including handheld computers/PDAs, Web-enabled cellular phones and 3G wireless phones). The company's first product, The HandTrader, which is currently in beta testing and scheduled for a full launch in 2001, provides easy, secure, and reliable wireless access to trading capabilities, mission-critical information and real-time stock market data and communications. A product developed by professional stock traders for other stock traders, the HandTrader avails online traders with access to NASDAQ Level II information, stock market alerts, instant confirmations and 24/7 trading capabilities. For additional information, please visit: www.HandTrade.com.
By 2002, estimates predict over 1 billion wireless data devices will be in use (both cell-phones and PDAs).* Further, by 2005, it is projected that 1.5 billion people will reach the Internet by mobile devices.** The U.K. recently auctioned off 3G licenses, obtaining $35.5 billion from companies such as Airtouch, British Telecom and Vodafone. 3G licenses are scheduled to be auctioned in the U.S. in September 2001.
About Cisco Systems
Cisco Systems (NASDAQ:CSCO) is the worldwide leader in networking for the Internet. Cisco's networking solutions connect people, computing devices and computer networks, allowing people to access or transfer information without regard to differences in time, place or type of computer system. News and information are available at www.Cisco.com.
*Source: Robertson Stephens
**Source: Merrill Lynch Inc.
| Contact Information: | |||
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| Press Contact(s) | |||
| Stephen Langdon | Cisco Systems, Inc. | 408 525-1499 | slangdon@cisco.com |
