BOSTON, MA--(Marketwired - Oct 25, 2013) - Worlds Inc. (OTCBB: WDDD) has commenced a private placement of non-convertible debt with some of the company's largest shareholders. The non-dilutive financing structure does not include warrants and is expected to provide Worlds with sufficient capital for its ongoing operating needs through the anticipated Markman hearing and beyond.
"The favorable response to the financing by some of our largest shareholders speaks to their ongoing support of Worlds and their belief in a favorable outcome to our patent infringement litigation against Activision Blizzard, Inc., Blizzard Entertainment, Inc. and Activision Publishing, Inc. (Activision) due to the strength of our position and the recent actions by the US Patent & Trademark related to our patents," said Thom Kidrin, Worlds Inc. CEO. "As a show of my confidence, I also am participating as an investor in the Private Placement."
The USPTO issued Certificates of Correction issued on September 24, 2013 amending Worlds' 6,219,045 and 7,181,790 patents to include comprehensive priority information, which specifically references Worlds' November 1995 provisional patent application and confirms World's 1995 priority date.
Motion for Summary Judgment Hearing
A Motion for Summary Judgment (MSJ) hearing was held on October 17th before Judge Denise Casper regarding Activision's dispute of World's November 1995 priority date. Worlds is awaiting a ruling. The previously scheduled Markman hearing was continued pending the outcome of the MSJ hearing.
"Max Tribble and Ryan Caughey, our attorneys from Susman and Godfrey LLP, made a strong presentation of Worlds' position concerning the priority date of our provisional patent application filings, supported by the USPTO's recent Certificates of Correction issued on September 24th validating our November 16, 1995 priority dates," noted Kidrin.
Activision Lawsuit Against Worlds
In early October 2013, Activision Publishing, Inc., a subsidiary of Activision Blizzard, Inc. (ATVI), filed a lawsuit claiming patent infringement against Worlds Inc. and Worlds Online Inc., in the U.S. District Court for the Central District of California. Activision alleges that Worlds violates U.S. Patent No. 6,014,145 entitled "Navigation with optimum viewpoints in three-dimensional workspace interactive displays having three-dimensional objects with collision barriers" and U.S. Patent No. 5,883,628 entitled "Climability: property for objects in 3-D virtual environments."
"Worlds will be represented by Susman Godfrey LLP in this matter," Kidrin confirmed. "We believe Activision/ Blizzards' suit against Worlds is without merit. Worlds' parent patent pre-dates Activision/ Blizzards' patents by more than one year. In my opinion, this suit is their attempt to apply pressure to Worlds due our lawsuit against them and underscores their defensive tactics."
In March 2012, Worlds sued Activision in federal court for infringing patents that are based on Worlds' November 1995 provisional patent application.
More information on the lawsuit and Worlds' patents can be found on the Worlds Inc. website at http://www.worlds.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The shares of common stock are being sold pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws.
About Worlds Inc.:
Worlds Inc. (f.k.a. Worlds.com Inc.) was founded in 1994 and has developed patented 3D technology which offers 3D multi-user environments, known as "virtual worlds," that have interactive Avatars, rich media graphics, text chat, voice-to-voice chat, video and e-commerce. The 3D communities allow visitors to interact with each other, teleport throughout the Worlds environment as well as participate in shared experiences. Besides partnering with existing content providers that have strong brands and an existing following, Worlds also encourages individuals to create their own virtual spaces, communities and unique Avatars with easy-to-use tools.
Forward Looking Statements
This release contains certain forward-looking statements and information relating to Worlds Inc. that are based on the beliefs of Worlds' management, as well as assumptions made based upon information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "estimated," "should," "preparing," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements.
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