PeerStream Provides Update on Paltalk Patent Infringement Claim
Final Patent Trial and Appeal Board Decision Expected by May 15, 2019
New York, NY, Feb. 27, 2019 (NewMediaWire) -- PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (OTCQB: PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, today announced that the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office held a hearing on February 13, 2019 in connection with the previously announced patent infringement lawsuit against Riot Games, Inc. and Valve Corporation.
On December 16, 2016, a wholly owned subsidiary of the Company, Paltalk Holdings, Inc. (“Paltalk”), filed a patent infringement lawsuit in Delaware against Riot Games, Inc. and Valve Corporation for infringement of U.S. Patent Nos. 5,822,523 and 6,226,686 with respect to their online games League of Legends and Defense of the Ancients 2. These two patents were previously asserted against, and then licensed to, Microsoft, Sony, and Activision. In 2018, Valve Corporation moved to transfer the litigation from Delaware to the Western District of Washington. Such motion was granted by the court. The Riot Games litigation remains in Delaware.
On November 2, 2017 Riot Games, Inc. filed a total of four (two per patent held by Paltalk) petitions for inter partes review, which is a trial proceeding conducted by the PTAB, seeking to have the Paltalk patents declared invalid. On May 15, 2018, inter partes review was instituted, and on February 13, 2019, the PTAB held a hearing on the matter. Pursuant to U.S. patent laws and subject to certain exceptions, a final determination by the Board as to the validity of the patents will be issued by May 15, 2019.
In 2010, a reexamination proceeding was instituted against patents 5,822,523 and 6,226,686 which resulted in both patents being reaffirmed as valid patents as well as numerous additional claims being added to the patents. “As previous claims against these two important patents were asserted against, and then licensed to Microsoft, Sony, and Activision, we believe patents 5,822,523 and 6,226,686 constitute innovative and valuable intellectual property and look forward to the PTAB’s decision,” said Alex Harrington, Chief Executive Officer of PeerStream.
About PeerStream, Inc. (OTCQB: PEER)
PeerStream is a global internet solutions provider pioneering the real-world adoption of emerging blockchain technologies by developing software, services and applications for corporate clients and consumers. PeerStream supports clients’ transition to blockchain through license of proprietary software such as PeerStream Protocol (“PSP”), a protocol for decentralized multimedia communications and live video streaming currently in development. PeerStream has a 20-year history of technology innovation and holds 26 patents.
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Contacts IR@peerstream.com Kirin Smith / Stephanie Prince PCG Advisory Group firstname.lastname@example.org 646-863-6519