NEW YORK, NY / ACCESSWIRE / November 12, 2021 / Network-1 Technologies, Inc. (NYSE AMERICAN:NTIP), a company specializing in the development, licensing, and protection of its intellectual property assets, today announced financial results for the quarter ended September 30, 2021.

Network-1 had revenue of $17,000,000 and $35,692,000 for the three and nine months ended September 30, 2021, respectively, as compared to revenue of $4,150,000 and $4,366,000 for the three and nine months ended September 30, 2020, respectively. The increase in revenue of $12,850,000 for the three months ended September 30, 2021 was due to revenue of $17,000,000 from a litigation settlement with Hewlett Packard (HP). Similarly, the increase in revenue of $31,326,000 for the nine months ended September 30, 2021 was due primarily to the HP settlement and revenue of $18,692,000 from the resolution of a contractual dispute with Cisco Systems, Inc. concerning the licensing of Network-1's Remote Power Patent.

Network-1 realized net income of $6,589,000 or $0.28 per share basic and $0.27 per share diluted for the three months ended September 30, 2021 compared with a net income of $1,687,000 or $0.07 per share basic and diluted for the three months ended September 30, 2020. The increased net income of $4,902,000 for the three months ended September 30, 2021 was primarily due to revenue of $17,000,000 from the HP settlement.

Network-1 realized net income of $15,257,000 or $0.63 per share basic and $0.62 diluted for the nine months ended September 30, 2021 compared with a net loss of $(234,000) or $(0.01) per share basic and diluted for the nine months ended September 30, 2020. The increase in net income of $15,491,000 for the nine months ended September 30, 2021 was primarily due to increased revenue of $31,326,000 from the HP settlement and resolution of the contractual dispute with Cisco.

At September 30, 2021, Network-1 had cash and cash equivalents and marketable securities of $60,840,000 and working capital of $57,251,000. Based on its current cash position, Network-1 believes that it will have sufficient cash to fund its operations for the foreseeable future.

On June 9, 2021, the Board of Directors of Network-1 approved the continuation of Network-1's dividend policy which consists of semi-annual cash dividends of $0.05 per share ($0.10 per share annually) which dividends are anticipated to be paid in March and September of each year. On September 10, 2021, the Company's Board of Directors declared a semi-annual cash dividend of $0.05 per share with a payment date of September 30, 2021 to common stockholders of record as of September 21, 2021. On February 23, 2021, Network-1's Board of Directors declared a semi-annual cash dividend of $0.05 per share with a payment date of March 31, 2021 to all shareholders of record as of March 16, 2021. Network-1's dividend policy undergoes a periodic review by the Board of Directors and is subject to change at any time depending upon Network-1's earnings, financial requirements and other factors existing at the time.

ABOUT NETWORK-1 TECHNOLOGIES, INC.

Network-1 Technologies, Inc. is engaged in the development, licensing and protection of its intellectual property and proprietary technologies. Network-1 works with inventors and patent owners to assist in the development and monetization of their patented technologies. Network-1 currently owns eighty-eight (88) patents covering various telecommunications and data networking technologies as well as technologies relating to document stream operating systems and the identification of media content. Network-1's current strategy includes efforts to monetize three patent portfolios (the Cox, Mirror Worlds and M2M/IoT Patent Portfolios). Network-1's strategy is to focus on acquiring and investing in high quality patents which management believes have the potential to generate significant licensing opportunities as Network-1 has achieved with respect to its Remote Power Patent and Mirror Worlds Patent Portfolio. Network-1's Remote Power Patent has generated licensing revenue in excess of $187,000,000 from May 2007 through September 30, 2021. Network-1 has achieved licensing and other revenue of $47,150,000 through September 30, 2021 with respect to its Mirror Worlds Patent Portfolio.

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements address future events and conditions concerning Network-1's business plans. Such statements are subject to a number of risk factors and uncertainties as disclosed in the Network-1's Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Reports on 10-Q for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021 filed with the Securities and Exchange Commission including, among others, Network-1's uncertain revenue stream, uncertainty as to the outcome of pending litigations involving Network-1's Remote Power Patent, Mirror Worlds patent portfolio and Cox patent portfolio, the ability of Network-1 to successfully execute its strategy to acquire or make investments in high quality patents with significant licensing opportunities, Network-1's ability to achieve revenue and profits from its Cox Patent Portfolio, its M2M/IoT Patent Portfolio and additional revenue and profit from its Mirror Worlds Patent Portfolio as well as a return on its investment in IliAD Biotechnologies, LLC or other intellectual property it may acquire or finance in the future, the ability of Network-1 to enter into additional license agreements, uncertainty as to whether cash dividends will continue be paid, Network-1's ability to enter into strategic relationships with third parties to license or otherwise monetize their intellectual property, the risk in the future of Network-1 being classified as a Personal Holding Company which may result in Network-1 issuing a special cash dividend to its stockholders, future economic conditions and technology changes and legislative, regulatory and competitive developments. Except as otherwise required to be disclosed in periodic reports, Network-1 expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein.

The condensed consolidated statements of operations and comprehensive income (loss) and condensed consolidated balance sheet are attached.

Network-1 Technologies, Inc.
Condensed Consolidated Balance Sheets as of September 30, 2021
(Unaudited)

CONTACT:
Corey M. Horowitz, Chairman and CEO
Network-1 Technologies, Inc.
(212) 829-5770

SOURCE: Network-1 Technologies, Inc.