USA - VirnetX Holding (www.virnetx.com) and Mitel Networks (www.mitel.com) announced that on July 11, 2012, they signed a Patent License 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