Route1 Announces Investment by Bench Walk Advisors in its Lawsuit Against AirWatch for Patent Infringement

Route1 Inc (TSXV:ROI), a leading technology solutions innovator dedicated to delivering secure data protection technologies and mobility solutions for government and enterprise sector announced that an affiliate of Bench Walk advisors has made a US$1,000,000 non recourse investment directly into Route1’s lawsuit against Airwatch.

As quoted in the press release:

Key terms of Bench Walk’s investment are as follows:

• The US$ 1,000,000 investment will be paid by Bench Walk to Route1 as follows: (a) US $152,510 to be paid within 10 business days after signing, representing 40% of the patent litigation expenses incurred to date; and (b) thereafter 40% of the amount of each invoice paid by Route1 in connection with legal costs and out of pocket expenses incurred in bringing the lawsuit.
• Bench Walk is entitled to a share of any proceeds awarded to Route1 from the lawsuit equal to: (a) the sum of all investments advanced by Bench Walk; plus (b) the greater of (i) US $2,000,000 (US $3,000,000 if the lawsuit proceeds to trial); and (ii) 10% of the award from the lawsuit.
• Provided that Route1 is not in breach of any of its obligations under the agreement, Bench Walk will have no recourse to any other assets of Route1.
• If Route1 pursues any follow-on lawsuit and does not seek to sell a portion or to engage in a transaction having substantially similar economic effect, then Route1 shall pay to Bench Walk 5% of the gross proceeds awarded to Route1 from that follow-on lawsuit (subject to a maximum aggregate payment to Bench Walk under this provision of US $1,500,000).

“We are very pleased to have a third party invest alongside us in our patent infringement lawsuit against AirWatch. We have strongly believed since the start of the action that our ‘216 patent is valid, AirWatch has infringed on it and that the damages are material”, said Tony Busseri, CEO of Route1 Inc. “We were approached by multiple parties after the March 2018 PTAB denial of AirWatch’s IPR motion and we ultimately selected Bench Walk. Their track record of working with companies like Route1 and realizing positive patent infringement outcomes marries up well with our IP realization strategy.”

Busseri continued, “The next milestone in the litigation process is the Markman hearing to be held on July 2, 2018 after which the court will determine the way in which the claims in the ‘216 patent will be interpreted by a jury at trial.”

Click here for the full text release.