BOSTON, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Worlds Inc. (OTCQB:WDDD) investors have chosen to exercise their warrants per the terms of the funding of the Inter Partes Review (IPR) appeal as reported in January 2017. The exercise of the warrants will provide Worlds with $875,000 to the balance sheet.
“Our share price has increased following the scheduling of the oral arguments for March 9, 2018 as the final stage of our IPR appeal and the recent Wi-Fi One, LLC v. Broadcom Corp. ruling at the U.S. Court of Appeals for the Federal Circuit (CAFC),” said Thom Kidrin, Worlds CEO. “Our shareholders who funded the IPR appeal have elected to exercise their warrants at this time. I believe this action is a vote of confidence in the changing dynamics in the patent litigation landscape and the long term prospects of a positive outcome in our patent infringement litigation against Activision/Blizzard, as well as their belief in the ultimate value of our patent portfolio.”
Worlds is obligated under the terms of the funding agreement to convert these warrants when its investors/shareholders elect to convert. By adding these funds to its balance sheet, Worlds is now in a financially stronger position to pursue potential infringers of its patents. Once a definitive determination on potential infringers is reached, Worlds intends to begin additional enforcement actions.
“We thank our investors for their support of the IPR appeal because a successful outcome has the potential to strengthen our patent infringement case,” Kidrin explained. “We believe that the PTAB’s IPR reached an incorrect decision related to Bungie Inc.’s naming of all real parties-in-interest and in their challenge to the validity of out patent portfolio at the U.S. Patent and Trademark Office (USPTO).”
The previous validation of six claims by the USPTO PTAB enables Worlds to resume its case against Activision Blizzard et al. However, Worlds believes an appeal and possible reversal of a number of the invalidity rulings will strengthen its case against Activision Blizzard when the case resumes. Therefore, Worlds has continued the stay of its Activision/Blizzard et al litigation pending a final outcome of the IPR appeal process.
About Worlds Inc.:
Worlds Inc. is a leading intellectual property developer and licensee of patents related to 3D online virtual worlds. The Company has a portfolio of 10 US patents for multi-server technology for 3D applications. The earliest of these patents issued on an application filed November 12, 1996. A provisional patent application, serial number 60/020,296, was filed on November 13, 1995. These patents are related to each other and disclose and claim systems and methods for enabling users to interact in a virtual space. Visit www.Worlds.com.
Forward Looking Statements
This release contains certain forward-looking statements and information relating to Worlds Inc. that are based on the beliefs of Worlds' management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. Additional risk factors are included in the Company’s public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “estimated,” “should,” “preparing,” “expected” or words of a similar nature. The Company does not intend to update these forward-looking statements.
Julie Shepherd, Accentuate PR, 847-275-3643, Julie@accentuatepr.com