ZEPHYR COVE, Nevada and OTTAWA, Ontario, July 12, 2012 /PRNewswire/ -- VirnetX Holding Corp. (NYSE MKT: VHC) and Mitel Networks Corporation (NASDAQ: MITL, TSX: MNW) (the "Parties") today announced that on July 11, 2012, they signed a Patent License Agreement (the "Agreement"). Under the terms of the Agreement, VirnetX has agreed to license certain of its patents to Mitel, for a one-time payment to VirnetX and an ongoing reasonable royalty for all future sales through the expiration of the licensed patents as outlined in the Agreement with respect to certain current and future IP-encrypted products.
Under the terms of the Agreement, the Parties have also agreed to dismiss the patent infringement case brought by VirnetX before the U.S. District Court for the Eastern District of Texas. All other aspects of the agreement were not disclosed.
"We are pleased to resolve this matter with VirnetX at this early juncture and on terms that we are happy with," said Steve Spooner, Chief Financial Officer of Mitel.
"We are pleased to have come to an agreement with Mitel on terms consistent with our VirnetX IP Licensing program," said Kendall Larsen, Chief Executive Officer and Chairman of VirnetX Inc.About Mitel Mitel (NASDAQ: MITL, TSX: MNW) is a global provider of business communications and collaboration software and services. Mitel's Freedom architecture provides the flexibility and simplicity organizations need to support today's dynamic work environment. Through a single cloud-ready software stream, Mitel delivers a powerful suite of advanced communications and collaboration capabilities that provides freedom from walled garden architectures and enables organizations to implement best-of-breed solutions on any network; extends the "in-office" experience anywhere, on any device; and offers choice of commercial options to fit business needs. For more information, visit: http://www.mitel.com About VirnetX