What is going on with PRKR?
ParkerVision Inc (PRKR) stock rose today after the company, which develops radio frequency technologies used in advanced wireless solutions, announced that it had successfully resolved its patent infringement litigation against Buffalo, Inc. on mutually-agreeable and confidential terms. The company stated that they were "satisfied" with the resolution, which includes a patent license.
Buffalo is a Japan-based company that manufactures and sells computer related products. Shares of PRKR increased 5.45% to $1.16 a share as of Wednesday at 12:07pm.
What does this mean for ParkerVision?
Initiated in the Western District of Texas in October 2020, ParkerVision's lawsuit was related to Buffalo's use of WiFi chips in its products. The resolution of the litigation, which involve proceeds to cover to ParkerVision's legal expenses, will allow the company to allocate revenue to parts of the company related to its products, and focus specifically on business operations.
Jeffrey Parker, ParkerVision's Chairman and CEO, stated, "We believe that ParkerVision's wireless innovations, resulting from R&D investments of well over $100 million, are now at the heart of billions of popular wireless chips in a wide range of applications from cellular Smartphone 3G/4G/5G transceivers, to the latest WiFi and IoT devices. While ParkerVision has had to bring litigations to enforce its patent rights, we would prefer to continue to focus on the business of innovation and helping grow the US economy through technology and product development."
ParkerVision has additional patent infringement actions currently ongoing in the Western District of Texas including cases against Intel, Hisense, TCL and ZyXel.
ParkerVision, Inc. has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on PRKR!
Parkervision Inc is in the business of innovating fundamental wireless technologies. The company designs, develop, and markets its proprietary radio frequency technologies and products for use in semiconductor circuits for mobile and other wireless applications. It also markets a consumer distributed WiFi product line under the brand name Milo. The company derives revenue from licensing of its intellectual property, settlements from patent infringement disputes, sales of products, and engineering services.