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Priviam and EncryptaKey Resolve Patent Litigation

Wednesday, June 17, 2009

Irvine, CA & Cypress, CA -- Priviam and EncryptaKey today announced that they have reached an agreement, resolving a lawsuit that claimed that Priviam had certain rights to the patents pending held by EncryptaKey.

The Priviam lawsuit, originally filed on July 19, 2008 in the California Superior Court of Orange County, California, sought damages and injunctive relief against former CEO Kelly Owen, Owen Consulting LLC and EncryptaKey, a Nevada corporation.

All allegations directed at former CEO Kelly Owen, Owen Consulting, LLC and EncryptaKey, a Nevada corporation, have been fully and finally dismissed in exchange for a return of shares and permanent and irrevocable contractual rights to use subject patents. Although EncryptaKey will retain ownership of the patents pending, Priviam will be granted immunity from EncryptaKey for World Wide use of the patents. As a condition of the settlement, no party to the lawsuit admitted any liability.

Jack Musetti, Chief Executive Officer of Priviam, said, "We are pleased to have resolved our litigation with EncryptaKey and to have obtained immunity from patent infringement from EncryptaKey."

Kelly Owen, President and CEO of EncryptaKey, said, "We are pleased we were able to reach an amicable settlement while protecting our proprietary position in USB security devices."

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