0001072613-11-000679.txt : 20110824 0001072613-11-000679.hdr.sgml : 20110824 20110824075913 ACCESSION NUMBER: 0001072613-11-000679 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110818 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110823 DATE AS OF CHANGE: 20110824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NETWORK 1 SECURITY SOLUTIONS INC CENTRAL INDEX KEY: 0001065078 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 113027591 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15288 FILM NUMBER: 111052301 BUSINESS ADDRESS: STREET 1: 445 PARK AVENUE STREET 2: SUITE 1018 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2128295770 MAIL ADDRESS: STREET 1: 445 PARK AVENUE STREET 2: SUITE 1018 CITY: NEW YORK STATE: NY ZIP: 10022 8-K 1 form8k_17183.htm FORM 8K form8k_17183.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
_______________________
 
Form 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
 
Date of Report (Date of earliest event reported):       August 18, 2011   
 

Network-1 Security Solutions, Inc.
(Exact name of registrant as specified in its charter)
 
 
Delaware 001-15288 11-3027591
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
 

445 Park Avenue, Suite 1018, New York, New York 10022
(Address of principal executive offices)


Registrant’s telephone number, including area code:  (212) 829-5770

 
NA
(Former name or former address, if changed since last report.)
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
Item 8.01                     OTHER EVENTS
 
On August 22, 2011, Network-1 Security Solutions, Inc. (the “Company”) issued a press release announcing that its Board of Directors has authorized a share repurchase program pursuant to Rule 10(b)-18 to repurchase up to $2,000,000 of its common stock.  The press release is attached as Exhibit 99.1 hereto.
 
 
 
 
 
Item 9.01                     FINANCIAL STATEMENTS AND EXHIBITS
 
Exhibit Number                     Description
 
99.1
Press Release, dated August 22, 2011
 

 
2
 
SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
NETWORK-1 SECURITY SOLUTIONS, INC.
  
     
     
       
Dated:  August 23, 2011 
By:
/s/ Corey M. Horowitz  
    Name: Corey M. Horowitz  
    Title:   Chairman & Chief Executive Officer   
       


 
 
 
 
 
3
 
EX-99.1 2 exh99-1_17183.htm PRESS RELEASE exh99-1_17183.htm
EXHIBIT 99.1
 
 

 
 
FOR IMMEDIATE RELEASE
 

Corey M. Horowitz, Chairman and CEO
  
Network-1 Security Solutions, Inc.
  
(212) 829-5770
  
   
 

 
Network-1 Announces Share Repurchase Program
 
 
New York, New York August 22, 2011-- Network-1 Security Solutions, Inc. (the "Company") (OTCBB: NSSI) announced today that its Board of Directors has authorized a share repurchase program pursuant to Rule 10(b)-18 permitting the Company to repurchase up to $2,000,000 in shares of the Company's common stock over the next twelve months.
 
The Common Stock may be repurchased from time to time in open market transactions or privately negotiated transactions in the Company's discretion. The timing and amount of shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors.  The repurchase program may be increased, suspended or discontinued at any time.
 
 "We are very pleased to announce this repurchase program to benefit shareholders at a time when we believe our stock is undervalued,” said Corey M. Horowitz, Chairman and CEO of Network-1.  "The initiation of our stock repurchase program reflects our confidence in the long-term potential for Network-1 and our commitment to increasing shareholder value," he added.
 
The share repurchase program was approved by the Company’s Board of Directors as part of its ongoing consideration of alternative ways to take advantage of  the Company’s strong cash position. The Board of Directors believes that a share repurchase program at this time is in the best interests of the Company and its shareholders, and will not impact the Company’s ability to execute its growth plans.

 
 
ABOUT NETWORK-1 SECURITY SOLUTIONS, INC.
 
Network-1 Security Solutions, Inc. 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. Network-1 has 11 license agreements with respect to its Remote Power Patent which include, among others, license agreements with Cisco Systems, Inc., Cisco-Linksys, Inc., Extreme Networks, Inc., Netgear Inc. and several other data networking vendors.   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.
 
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, 2010 including, among others, the ability of Network-1 to enter into additional  license agreements with third parties for its intellectual property or the intellectual property of its strategic partners, the ability of Network-1 to receive significant royalties from its existing license agreements, the uncertainty of patent litigation, Network-1's ability to achieve revenues and profits from its intellectual property or the intellectual property of its strategic partners, Network-1's ability to execute its strategy to acquire additional patents or enter into strategic relationships with third parties to license or otherwise monetize their intellectual property, the continued viability of the PoE market, 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.