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NEW YORK, NY / ACCESSWIRE / December 26, 2024 / Network-1 Technologies, Inc. (NYSE American:NTIP) announced today that its wholly-owned subsidiary, HFT Solutions Technologies, LLC ("HFT"), has initiated patent litigation against Citadel Securities, LLC ("Citadel") and Jump Trading, LLC ("Jump") in the United States District Court for the Northern District of Illinois for infringement of U.S. Patent No. 10,931,286, U.S. Patent No. 11,128,305, and U.S. Patent No. 11,575,381 (collectively, the "Patents-in-Suit").
The Patents-in-Suit are part of the HFT patent portfolio acquired by HFT Solutions, LLC in March 2022 (the "HFT Patent Portfolio"). The HFT Patent Portfolio relates to, among other things, technologies used by firms engaged in high frequency trading activities that utilize field-programmable gate array (FPGA) hardware, including clock domain management technology that provides critical transaction latency gains in trading systems where the difference between success and failure may be measured in nanoseconds.
The HFT Patent Portfolio now includes eleven (11) issued U.S. patents and two (2) pending U.S. patent applications. The patent terms of the HFT Patent Portfolio are currently expected to extend until 2040. HFT Solutions anticipates further issuances of new claims for the HFT Patent Portfolio covering additional technologies contemplated by the patent applications.
The HFT Patent Portfolio is available for licensing to firms that make use of FPGA systems that utilize the HFT Solutions' patented technology to engage in low-latency high frequency trading as part of their market making activities in equities and derivative securities, or as part of their proprietary trading activities.
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 one hundred and six (106) U.S. patents covering various telecommunications and data networking technologies as well as technologies relating to document stream operating systems, the identification of media content and high frequency trading. Network-1's current strategy includes continuing to pursue licensing opportunities for its intellectual property. 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 $188,000,000 from May 2007 through September 30, 2024 and has achieved licensing and other revenue of $47,150,000 through September 30, 2024 with respect to its Mirror Worlds Patent Portfolio.