SOURCE: ITUS Corporation

ITUS Corporation Logo

July 15, 2015 07:00 ET

ITUS Subsidiary Auction Acceleration Corporation Enters Into Settlement and License Agreement With eBay, Vendio, & Auctiva

LOS ANGELES, CA--(Marketwired - July 15, 2015) - ITUS Corporation ("ITUS") (NASDAQ: ITUS), today announced that its wholly owned subsidiary, Auction Acceleration Corporation ("AAC"), has entered into a Settlement and License Agreement with eBay, Inc., Auctiva, LLC, and Vendio Services, LLC.

The Settlement and License Agreement resolves a lawsuit between the parties that was filed on September 8, 2014 in The United States District Court for the Northern District of California, which will be dismissed. AAC owns the rights to patents that cover presentation and cross selling technologies enabling auction sellers to cross-sell and upsell additional items to interested buyers, resulting in incremental sales and higher yields per transaction.

About ITUS Corporation

ITUS funds, develops, acquires, and licenses emerging technologies such as High-Tech, Biotechnology, Life Sciences, and Informatics. The company's wholly owned subsidiary, Anixa Diagnostics, is developing non-invasive, cancer screening tests, and the company and its other subsidiaries have ongoing development and licensing programs involving encrypted communications, advanced materials, and thin-film, flat panel displays. 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, 2014 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.

ITUS Corporation: FOCUSED ON INNOVATION

Contact Information