Network-1 subsidiary gets USD17.5m in settlement of claim

Network-1 Technologies, Inc. (NYSE MKT: NTIP) subsidiary Mirror Worlds Technologies, LLC has entered into an agreement to receive USD17.5 million in connection with a settlement of a professional liability claim relating to services rendered in 2008 – 2010, the company said.

Network-1, through its subsidiary MWT, acquired the claim in May 2013 as part of its acquisition of the patent portfolio of Mirror Worlds, LLC.

Network-1 Technologies, Inc. is engaged in the development, licensing and protection of its intellectual property and proprietary technologies. It works with inventors and patent owners to assist in the development and monetization of their patented technologies.