Finjan Holdings Provides Shareholder Update
Includes Recent Corporate Activities and Events
NEW YORK, May 19, 2014 /PRNewswire/ — Finjan Holdings, Inc. (NASDAQ: FNJN), a technology company committed to enabling innovation through the licensing of its intellectual property, today is providing an update on its continued progress in executing its strategy. This strategy focuses on the Company’s global intellectual property licensing and enforcement activities, related to proprietary technologies that help protect end-users from online threats.
Corporate and Operational Highlights
Since becoming a public company in June 2013, Finjan has continued to execute its planned growth strategy to capitalize on today’s emerging cybersecurity and related markets. Following are recent corporate and operational milestones achieved:
-- Finjan Holdings' common stock began trading on the NASDAQ Capital Market on Monday, May 12, 2014. -- The Company's Board established a May 15, 2014 record date for its 2014 annual meeting of stockholders, to be held on July 10, 2014. -- The Company appointed three new board members in April 2014: Glenn Daniel, former Managing Partner at Houlihan Lokey; Harry Kellogg, Vice Chairman Emeritus of Silicon Valley Bank; and Michael Southworth, Chief Financial Officer at Contact Solutions LLC. -- The Company recently published its Core Values and launched its benchmark Licensing Best Practices campaign urging the IP licensing industry to conduct candid, transparent, and consistent business practices for intellectual property (IP) licensing. Further details are outlined in its position paper at www.finjan.com/wp-content/uploads/2014/05/Finjan_Licening-Best-Practices -Position-Paper-April-2014.pdf. -- In April 2014, the Company appointed Miyun Sung as Vice President, Corporate Counsel. Ms. Sung has broad expertise in corporate governance, securities, and capital markets law. She resides at the Company's New York office. -- In March 2014, the Company expanded its offices with a presence in Menlo Park, California, which is where its portfolio management team and several key Company executives reside. -- In February 2014, the Company appointed Julie Mar-Spinola as Vice President, Legal Operations. Ms. Mar-Spinola has an extensive background in intellectual property, litigation, complex transactions, and general corporate law. She also serves as a mediator for the District Court for the Northern District of California, specializing in resolving intellectual property disputes. Ms. Mar-Spinola resides at the Company's Menlo Park office. -- In February 2014, the Company appointed Ivan Chaperot as Vice President, IP Licensing who is responsible for leading the Company's global IP licensing programs. Mr. Chaperot's expertise is in the development and implementation of outbound patent licensing programs involving strategic and large-scale patent acquisitions and licensing transactions. Mr. Chaperot resides at the Company's Menlo Park office. -- In November 2013, the Company announced a strategic investment in an Israel-based cybersecurity incubator and venture fund targeting early-stage technology companies on the leading edge of cybersecurity innovation.
Two new patents have recently issued to the Company, namely U.S. Patent No. 8,566,580, entitled “Splitting an SSL Connection between Gateways,” filed July 23, 2008, issued October 22, 2013, and U.S. Patent No. 8,677,494, entitled “Malicious Mobile Code Runtime Monitoring System and Methods,” filed Nov. 7, 2011, issued March 18, 2014.
Licensing and Enforcement Activities
As a pioneer in developing technology that proactively detects online threats, Finjan has a comprehensive, global patent portfolio covering behavior-based intrusion prevention and detection technologies generally deployed across the endpoint, web, and networking markets, resulting from years of substantial R&D and product development. The Company is committed to preserving and enhancing the value of its proprietary inventions, as well as protecting our existing licensing partners’ investments in our portfolio, by offering fair value licenses to currently unlicensed companies.
Following is a brief summary of Finjan’s patent rights enforcement activities. For additional information, please review the “Legal Proceedings” portion in the “Part II–Other Information” section of the Company’s most recent Form 10-Q filed with the Securities and Exchange Commission on May 8, 2014, accessible from the Company’s website at www.finjan.com/investors.
-- The Company's subsidiary, Finjan, Inc., has filed five separate patent infringement lawsuits in the U.S. District Court for the Northern District of California, against FireEye, Inc., Blue Coat Systems, Inc., Websense, Inc., Proofpoint, Inc. et al., and Sophos, Inc. Each of these matters is at the earliest stages of the case. -- An earlier patent infringement suit filed in the U.S. District Court for the District of Delaware against Symantec Corporation, Websense, Inc., Sophos, Inc., et al., resulted in a finding of invalidity of certain asserted claims of Finjan's patents, U.S. Patent Nos. 6,092,194 and 6,167,720, and non-infringement of same. This matter is on appeal to the U.S. Court of Appeals for the Federal Circuit, No. 2013-1682. -- FireEye, Inc. initiated ex parte reexamination proceedings before the U.S. Patent & Trademark Office, challenging the patentability of the Company's U.S. Patent Nos. 7,058,822 and 7,647,633, which are pending. FireEye also twice requested reexamination of the Company's more recently issued U.S. Patent No. 8,079,086, which the Patent Office has twice denied.
Please note there can be no assurance that the Company will be successful in settling or litigating these claims referenced above.
ABOUT FINJAN HOLDINGS
Through our subsidiary, Finjan, Inc., we own a portfolio of patents, related to software that proactively detects malicious code and thereby protects end users from identity and data theft, spyware, malware, phishing, trojans and other online threats. Finjan’s mission is to invest in innovation and encourage the development of core intellectual property. Founded in 1997, Finjan developed and patented technology that is capable of detecting previously unknown and emerging threats on a real-time, behavior-based, basis, in contrast to signature-based methods of intercepting only known threats to computers, which were standard in the online security industry during the 1990′s. For more information about Finjan, please visit www.finjan.com.
Follow Finjan Holdings on Twitter at www.twitter.com/FinjanHoldings or @FinjanHoldings.
Cautionary Note Regarding Forward-Looking Statements ?
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding our expectations, intentions, beliefs, and projections about our future results, performance, prospects and opportunities. These statements can be identified by the fact that they do not relate strictly to historical or current facts or by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “potential,” “should,” “will,” “will be,” “would,” the negative of these terms and similar expressions, but this is not an exclusive way of identifying such statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Our actual results, performance and achievements may differ materially from those expressed in, or implied by, the forward-looking statements contained in this press release as a result of various risks, uncertainties and other factors. Important factors that could cause our actual results to differ materially from our expectations include, without limitation, our ability to execute our business plan, the outcome of pending or future enforcement actions, our ability to expand our technology portfolio, the enforceability of our patents, the continued use of our technology in the market, the development of a liquid trading market for our securities and other factors described under Item 1A, “Risk Factors,” as set forth in the Company’s Annual Report on form 10-K filed with the SEC on March 14, 2014, and any subsequent quarterly or current reports.
The Company will continue to file annual, quarterly, and current reports, proxy statements and other information with the SEC. Forward-looking statements speak only as of the dates specified in such filings or releases. Except as expressly required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances arising after any such date, whether as a result of new information or future events or otherwise. You should not place undue reliance on the forward-looking statements included in this release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Finjan Holdings, Inc.
Telephone: (646) 350-4999
SOURCE Finjan Holdings, Inc.