SOURCE: ITUS Corporation

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September 08, 2014 07:00 ET

ITUS Subsidiary Files Patent Infringement Lawsuits Against Ebay, Vendio & Auctiva

MELVILLE, NY--(Marketwired - September 08, 2014) - ITUS Corporation ("ITUS") (OTCQB: ITUS), a company that builds and protects innovation, today announced that its wholly owned subsidiary, Auction Acceleration Corporation ("AAC") has filed patent infringement lawsuits against Ebay, Vendio, and Auctiva, in connection with AAC's Enhanced Auction Technologies patents. Vendio and Auctiva are part of Alibaba Group, one of the the largest online and mobile commerce companies in the world. 

Robert Berman, ITUS's President and CEO, stated, "The inventor of this technology was a pioneer in the early days of eBay, building tools that enabled sellers to generate millions of dollars of sales revenue. We will continue to stand up for small inventors and assist them in receiving fair consideration for their inventions, as we build value for our shareholders."

The AAC patents 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. The lawsuits were filed in the United States District Court for the Northern District of California.

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About ITUS Corporation

ITUS develops and acquires patented technologies for the purposes of patent monetization and patent assertion. The company currently has 10 patent portfolios in the areas of Key Based Web Conferencing Encryption, Encrypted Cellular Communications, E-Paper® Electrophoretic Display, Nano Field Emission Display ("nFED"), Micro Electro Mechanical Systems Display ("MEMS"), Loyalty Conversion Systems, 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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