SOURCE: ITUS Corporation

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September 03, 2014 17:21 ET

ITUS and Videocon Enter Into Termination Agreement and Agree to Effectuate Return of ITUS Shares

MELVILLE, NY--(Marketwired - September 03, 2014) - ITUS Corporation (OTCQB: ITUS), a company that builds and protects innovation, today announced that its predecessor company, CopyTele, Inc. has agreed to amicably end its arrangement with Videocon Industries Limited, resulting in the termination of the Amended and Restated Technology License Agreement entered into by the parties on May 16, 2008, and terminating Videocon's rights to ITUS's valuable Nano Field Emission Display technology. Corresponding $5 million loans that were made by affiliates of ITUS and Videocon in connection with the 2008 transactions are also being cancelled, resulting in a positive adjustment to ITUS's shareholders equity of approximately $850,000, and the return of 20 million shares of ITUS stock that was pledged in connection with the loans.

Robert Berman, ITUS's President and CEO stated, "We are pleased to have reached agreement with Videocon, allowing us to resolve one of the few remaining issues that tied us to CopyTele's past. In November of this year, our final legacy issues will be adjudicated via a 2-week trial against AU Optronics Corp., involving our patented Electrophoretic Display technology and nFED technology, as part of an arbitration where we are seeking over $300 million in damages from AUO. We are in the process of completing our discovery in the AUO arbitration, and are very encouraged with the compelling evidence that we have uncovered so far." 

ITUS's Nano Field Emission Display or nFED technology is protected by 26 U.S. patents. 

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.

ITUS Corporation BUILDING & PROTECTNG INNOVATION™

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