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SOURCE Crossroads Systems, Inc.
AUSTIN, Texas, Aug. 19, 2014 /PRNewswire/ -- Crossroads Systems, Inc. (NASDAQ: CRDS) today announced that it has engaged the intellectual property law firm of Kroub, Silbersher & Kolmykov PLLC, the principals of Markman Advisors LLC, to provide consulting services related to Crossroads' non-972 patent portfolio, consisting of 121 patents and pending patents developed over 16 years.
The firm's principals each have more than a decade of experience in high-stakes patent litigation and counseling for some of the world's largest companies including American Express, Volkswagen, Office Depot and Canon. The attorneys of Kroub, Silbersher & Kolmykov also manage Markman Advisors LLC, a consultancy that provides advice to institutional investors, family offices and other investors regarding patent-based public companies and patent litigation affecting public companies.
New York-based Kroub, Silbersher & Kolmykov will assist Crossroads with the next phase of analysis regarding Crossroads' non-972 assets and help develop a detailed monetization strategy. The initial phase of the non-972 patent analysis, completed in June 2013, identified key storage technologies in the portfolio and assessed potential monetization opportunities. The analysis revealed that many of the patents developed by Crossroads engineers have been incorporated into industry standards and that sales revenue of potentially infringing products exceeds $82 billion.
This next phase of the analysis is designed to validate key assumptions, propose a detailed monetization strategy and timeline, identify infringing companies and products, develop detailed claims charts, and estimate revenue opportunities associated with each infringing company. The results of this next phase will provide Crossroads a road map for moving forward with its plans to implement a full-scale monetization program for the non-972 patent portfolio. Zachary Silbersher, a partner at Kroub, Silbersher & Kolmykov, said, "Given the breadth of the non-972 patent portfolio, both in terms of the number of patents in the portfolio as well as the discrete technologies covered, we are excited to perform a rigorous legal assessment of its litigation potential and develop a concrete action plan toward monetization of the portfolio by Crossroads."
"Engaging Kroub, Silbersher & Kolmykov is a logical next step toward monetizing our non-972 portfolio," said Richard K. Coleman, Jr., President and CEO of Crossroads Systems. "Their patent litigation and licensing expertise will help guide Crossroads Systems to a tactical plan that maximizes shareholder value."
About Kroub, Silbersher & Kolmykov
Kroub, Silbersher & Kolmykov PLLC (KSK IP Law) is a high-end intellectual property boutique focused on providing premier litigation services. Formed in 2013 by three seasoned patent litigation attorneys, and located in New York City, the firm focuses on providing high-end patent-related litigation services to individual inventors and companies seeking to monetize their inventions, as well as middle-market companies defending against infringement suits.
About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data archive solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads has been awarded more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit www.crossroads.com.
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems' ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, the potential market for our data storage products, changes in the fair value of its derivative instruments and its ability to achieve or maintain profitability. The future performance of Crossroads Systems may be adversely affected by the following risks and uncertainties: uncertainties relating to product development and commercialization, uncertain market acceptance of Crossroads Systems products, including StrongBox, intense competition in the data protection and storage markets, variations in quarterly results and a consequence of unpredictable sales cycles and other factors, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, developments in litigation to which we may be a party, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, which can be accessed through the SEC's website or by clicking "SEC Filings" on the company's Investor Relations website at http://investors.crossroads.com. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
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