SOURCE: ITUS Corporation

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January 05, 2015 06:00 ET

ITUS Settles Lawsuit With AU Optronics

MELVILLE, NY--(Marketwired - January 05, 2015) - ITUS Corporation ("ITUS") (OTCQB: ITUS), a company that builds and protects innovation, today announced that it has settled its lawsuit against AU Optronics Corporation ("AUO"). The settlement includes cash payments from AUO to ITUS totaling $9 million, the termination of AUO's rights to ITUS's patented Nano Field Emission Display ("nFED") technology, and the transfer of ITUS's electrophoretic display patent portfolio to AUO.

Robert Berman, ITUS's President and CEO stated, "This settlement accomplishes 2 very important goals for ITUS: it provides consideration for our EPD patents; and gives us the right to develop our nFED technology, which is now completely unencumbered. The combination of our strong cash position, together with the significant potential from the patented technologies that we own or control, positions the company for continued growth in 2015 and beyond."

The settlement includes a $2 million payment pursuant to a Settlement Agreement, and $7 million payment pursuant to a Patent Assignment Agreement, and resolves a contract dispute between the parties emanating from two joint development and license agreements entered into in May of 2011. A lawsuit filed by ITUS in January of 2013, and the ensuing arbitration which commenced on November 10, 2014, will be dismissed, with prejudice. Additional details of the settlement, in which neither party admits liability, are available on Form 8K filed today with the Securities and Exchange Commission.

About ITUS Corporation

ITUS develops and acquires patented technologies for the purposes of patent monetization and patent assertion. The company currently has 8 patent portfolios in the areas of Key Based Web Conferencing Encryption, Encrypted Cellular Communications, Nano Field Emission Display ("nFED"), Micro Electro Mechanical Systems Display ("MEMS"), J-Channel Window Frame Construction, VPN Multicast Communications, Internet Telephonic Gateway, and Enhanced Auction Technologies. Additional information is available at www.ITUScorp.com.

Forward-Looking Statements: Statements that are not historical fact may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect ITUS Corporation's current expectations concerning future events and results. We generally use the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in "Item 1A - Risk Factors" and other sections of our Annual Report on Form 10-K for the fiscal year ended October 31, 2013 as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release.

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