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Tag Archive: Richmond

Velocity Micro Buys Overdrive PC

Independent PC maker Velocity Micro has acquired boutique shop Overdrive PC for an undisclosed amount, giving the company access to the latter’s signature Hyperclocking technology which wrings the fastest reliable speeds out of computer components, giving users the maximum performance from each part.

The thought is that by combining Overdrive’s capability to create high performance systems with Velocity MIcro’s manufacturing and distribution resources, the combined company will be able to make and market new lines of high-end gaming and workstation systems to a wider customer base.

Verizon Drops VOIP Patent Suit on Vonage

Telecommunications giant Verizon has filed suit in a U.S. District Court in Richmond, Virginia, against VOIP operator Vonage, claiming Vonage’s VOIP technology violates seven Verizon patents. And it’s a pretty heady complaint, asking that the court shut down Vonage because it’s infringing on core Verizon patents covering transferring data between packet-switched and circuit-switched networks.

The lawsuit is another thorn in the side for Vonage, which is currently facing class action lawsuits from customers claiming the company violated stock security regulations in its much-publicized but lackluster IPO in late May. Verizon’s lawsuit makes the wound sting even more by citing declarations in Vonage’s IPO filings as evidence of infringement.

Circuit City Will Close 19 Stores

The company, which on Tuesday said it had received an unsolicited buyout offer from private investment firm Highfields Capital Management LP, has been has losing market share to bigger rival Best Buy Co. for several years and has been trying to improve its distribution system and revamp its stores.

The 19 stores to be closed had combined revenue of $170 million in 2004.

The company said it expects expenses of about $30 million after taxes related to the store and office closings, due to lease terminations, asset disposals, severance and other costs.

Microsoft To Pay SPX $60 Million

SPX Corp. says Microsoft has agreed to pay it $60 million by Tuesday on its claim that Microsoft had infringed on its patents for conferencing technology.

Last month, a jury in Richmond, Va., had found against Microsoft, maintaining that the company had misused software from SPX’s Imagexpo unit. The software was embedded as NetMeeting Whiteboard features in various Microsoft products, SPX had maintained.

“The $60 million is payable by Dec. 30, 2003, and will be reduced by legal and other expenses associated with this lawsuit,” SPX said in a statement. The jury had awarded $62.3 million in its verdict in November.

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