UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 | Other Events. |
On August 9, 2021, Network-1 Technologies, Inc. announced that the U.S. Patent and Trademark Office issued U.S. Patent No. 11,082,218 (Key Derivation for a Module Using an Embedded Universal Integrated Circuit Card). The claims in the newly issued patent are generally directed towards a module for communicating between Machine-to-Machine modules and services. The newly issued patent arises from a patent application contained in the M2M/IoT patent portfolio acquired by Network-1 in December 2017.
A copy of the press release is attached as Exhibit 99.1.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description |
99.1 | Press Release dated August 9, 2021 |
-2- |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NETWORK-1 TECHNOLOGIES, INC. | ||
Dated August 13, 2021 | By: | /s/ Corey M. Horowitz |
|
Name: Corey M. Horowitz Title: Chairman and Chief Executive Officer |
-3-
Exhibit 99.1
FOR IMMEDIATE RELEASE
Network-1 Receives New Patent from U.S. Patent Office Expanding Its
M2M/IoT Patent Portfolio To Include 30 Issued U.S. Patents
New York, New York – August 9, 2021 – Network-1 Technologies, Inc. (NYSE AMERICAN: NTIP), a company engaged in the development, licensing and protection of intellectual property, announced earlier this week that the U.S. Patent and Trademark Office issued U.S. Patent No. 11,082,218 (Key Derivation for a Module Using an Embedded Universal Integrated Circuit Card). The claims in the newly issued patent are generally directed towards a module for communicating between Machine-to-Machine modules and servers.
The newly issued patent arises from a patent application contained in the M2M/IoT patent portfolio acquired by Network-1 in December 2017 (the "M2M/IoT Patent Portfolio"). The M2M/IoT Patent Portfolio relates to, among other things, the enabling technology for authenticating and using embedded SIM cards in next generation IoT, Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers as well as automobiles. With this latest issuance, the M2M/IoT Patent Portfolio now includes thirty (30) issued U.S. patents and six (6) pending U.S. patent applications, plus two issued non-U.S. patents and ten (10) pending non-U.S. patent applications. The patent terms of the MTM/IoT Patent Portfolio are currently expected to extend until 2033-2034. Network-1 anticipates further issuances of additional claims for the M2M/IoT Patent Portfolio.
ABOUT NETWORK-1 TECHNOLOGIES, INC.
Network-1 Technologies, Inc. is engaged in the development, licensing and protection of its intellectual property and proprietary technologies. Network-1 works with inventors and patent owners to assist in the development and monetization of their patented technologies. Network-1 currently owns eighty-seven (87) patents covering various telecommunications and data networking technologies as well as technologies relating to document stream operating systems and the identification of media content. Network-1's current strategy includes continuing to pursue licensing opportunities for its intellectual property assets. Network-1's strategy is to focus on acquiring and investing in high quality patents which management believes have the potential to generate significant licensing opportunities as Network-1 has achieved with respect to its Remote Power Patent and Mirror Worlds Patent Portfolio. Network-1’s Remote Power Patent has generated licensing revenue in excess of $170,000,000 from May 2007 through March 31, 2021. Network-1 has achieved licensing and other revenue of $47,150,000 through March 31, 2021 with respect to its Mirror Worlds Patent Portfolio.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements address future events and conditions concerning Network-1's business plans. Such statements are subject to a number of risk factors and uncertainties as disclosed in the Network-1's Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on 10-Q for the three months ended March 31, 2021 filed with the Securities and Exchange Commission including, among others, Network-1’s uncertain revenue stream, uncertainty as to the outcome of pending litigations involving Network-1’s Remote Power Patent, Mirror Worlds patent portfolio and Cox patent portfolio, the ability of Network-1 to successfully execute its strategy to acquire or make investments in high quality patents with significant licensing opportunities, Network-1's ability to achieve revenue and profits from its Cox Patent Portfolio, its M2M/IoT Patent Portfolio and additional revenue and profit from its Mirror Worlds Patent Portfolio as well as a return on its investment in IliAD Biotechnologies, LLC or other intellectual property it may acquire or finance in the future, the ability of Network-1 to enter into additional license agreements, uncertainty as to whether cash dividends will continue be paid, Network-1's ability to enter into strategic relationships with third parties to license or otherwise monetize their intellectual property, the risk in the future of Network-1 being classified as a Personal Holding Company which may result in Network-1 issuing a special cash dividend to its stockholders, future economic conditions and technology changes and legislative, regulatory and competitive developments. Except as otherwise required to be disclosed in periodic reports, Network-1 expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein.
Corey M. Horowitz, Chairman and CEO |
Network-1 Technologies, Inc. |
(212) 829-5770 |
Cover |
Aug. 09, 2021 |
Jul. 26, 2021 |
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Cover [Abstract] | ||
Document Type | 8-K | |
Amendment Flag | false | |
Document Period End Date | Aug. 09, 2021 | |
Entity File Number | 001-15288 | |
Entity Registrant Name | Network 1 Technologies, Inc. | |
Entity Central Index Key | 0001065078 | |
Entity Tax Identification Number | 11-3027591 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 445 Park Avenue | |
Entity Address, Address Line Two | Suite 912 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | (212) | |
Local Phone Number | 829-5770 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NTIP | |
Security Exchange Name | NYSEAMER | |
Entity Emerging Growth Company | false |
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