BOSTON, MA--(Marketwired - Aug 11, 2016) - Worlds Inc. (OTCQB: WDDD) has retired the balance of its convertible debentures and arranged funding from key shareholders.
"The repayment of our outstanding convertible debt obligations allows the Worlds to move forward without the highly dilutive uncertainty of the debt conversion we have seen over the past few months," stated Thom Kidrin, Worlds' President and CEO. "Some of our key shareholders have provided funding to retire these convertible debt obligations and the necessary funds that we expect to be sufficient to carry the company through the US Patent and Trademark Office (USPTO) Oral Arguments and subsequent Patent Trial and Appeal Board (PTAB) ruling that are expected before year's end."
As previously announced, Worlds has recently been subject to an Inter Partes Review (IPR) due to Bungie Inc. challenging the validity of Worlds' patent portfolio at the USPTO. The commencement of the IPR proceeding caused the federal district court to put Worlds' four-year federal patent infringement lawsuit against Activision Blizzard, Inc., Blizzard Entertainment, Inc. and Activision Publishing, Inc. on hold pending the outcome of the IPR. Worlds is represented in the federal district court litigation by Susman Godfrey L.L.P.
"The cost to defend Worlds' patents is substantial and funding for patent litigation has been particularly difficult in the current patent law climate," noted Kidrin. "Our ability to get funding at this stage is testament to the belief by our extremely intellectual property-savvy investors in the strength and validity of our patent portfolio. We are confident in the validity of our patents and in our arguments before the PTAB and hope to ultimately receive a favorable ruling, enabling Worlds to resume litigation against Activision Blizzard, Inc., Blizzard Entertainment, Inc. and Activision Publishing, Inc."
Kidrin continued, "We are pleased that last year the federal district court favorably ruled in our Markman Order that the majority of our patent claims construction language means precisely what the U.S. Patent and Trademark Office (USPTO) interpreted the claims to mean in the patents they granted over the past 20 years."
Oral hearings are scheduled before the PTAB on August 17, 2016, with a ruling expected by Nov. 30, 2016. Attorney Wayne M. Helge of Davidson, Berquist, Jackson & Gowdey, LLP represents Worlds before the PTAB.
More information on the lawsuit and Worlds' patents can be found on the Worlds.com website.
About Worlds Inc.:
Worlds Inc. is a leading intellectual property developer and licensee of patents related to 3D online virtual worlds. The Company has a portfolio of 10 US patents for multi-server technology for 3D applications. The earliest of these patents issued on an application filed November 12, 1996. A provisional patent application, serial number 60/020,296, was filed on November 13, 1995. These patents are related to each other and disclose and claim systems and methods for enabling users to interact in a virtual space. Visit www.Worlds.com.
About Susman Godfrey L.L.P.
Susman Godfrey L.L.P., a law firm with more than 80 lawyers, was recently named one of the top litigation boutiques in the country by The American Lawyer. The firm represents plaintiffs and defendants in a broad range of commercial litigation matters, including antitrust, patent and intellectual property, securities and corporate governance litigation, energy, commercial and products liability, bankruptcy and financial restructuring, accounting malpractice, arbitration, climate change, and international litigation. The firm has offices in Houston, Dallas, Seattle, Los Angeles, and New York. For additional information, visit www.susmangodfrey.com.
About Davidson, Berquist, Jackson & Gowdey, LLP
DBJ+G ranked as one of the top 15 law firms or corporate legal departments measured by the number of representations in IPR, Covered Business Method, and Post-Grant Review proceedings before PTAB in 2015. Docket Navigator's 2015 Year in Review identified Helge as a top 10 attorney in the PTAB.
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 by and 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. 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.