Oxford, MS 4/1/2011 (Penny PayDay) -- Network-1 Security Solutions (OTC:NSSI) today announced, in a press release, financial results for the year ended December 31, 2010. Network-1 reported net income of $19,236,000 or $0.79 per share ($0.67 per share on a diluted basis) for the year ended December 31, 2010 as compared to a net loss of ($2,578,000) or $(0.11) for the year ended December 31, 2009. Included in the results for 2010 and 2009 are non-cash compensation expenses of $402,000 and $901,000, respectively. As I write, shares of Network-1 were down slightly at $1.60 per share on light volume. The company has a market cap of $39 million and a 52-week range between $0.73 and $1.80 per share."It was a tremendous year for Network-1," commented Corey M. Horowitz, Chairman and CEO of Network-1. "We successfully resolved our second litigation over our Remote Power Patent and now have 11 licensees to this important technology, including some of the largest technology companies in the world". "We look forward now to licensing our technology to other vendors of Power over Ethernet equipment and, if necessary, enforcing our IP where appropriate. As importantly, we are extremely well positioned to pursue new opportunities in the intellectual property monetization arena."
Revenues: Network-1 had revenues of $33,037,000 for the year December 31, 2010 as compared with $811,000 of revenues for the year ended December 31, 2009. Revenues for 2010 include $32,320,000 from the settlement of its patent litigation in July 2010.
"We continue to be presented with exciting opportunities in the IP monetization space," said Mr. Horowitz. "Our knowledge, discipline and experience combined with our resources opens many doors in this fast growing business. More and more companies are reaching out to monetize their intellectual property portfolios and this has created some large and well-publicized transactions," continued Mr. Horowitz.
According to the press release, Network-1 Security Solutions is engaged in the acquisition, development, licensing and protection of its intellectual property and proprietary technologies. It currently owns six patents covering various telecommunications and data networking technologies and is currently focusing its licensing efforts on its Remote Power Patent (U.S. Patent No. 6,218,930) covering the remote delivery of power over Ethernet networks. The Remote Power Patent was granted by the U.S. Office of Patents and Trademarks on April 21, 2001 and expires on March 11, 2020.
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