On Thursday, Shares of Network-1 Technologies Inc (NYSEMKT:NTIP), gained 4.33% to $2.65.
Network-1 Technologies Inc, declared that it agreed to settle its patent litigation against Huawei Technologies, Co. Ltd. pending in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of Network-1’s Remote Power Patent (U.S. Patent No. 6,218,930). Huawei was one of sixteen (16) original defendants named in the litigation.
As part of the settlement, Huawei reached a Settlement Agreement and non-exclusive License Agreement for the Remote Power Patent. Under the terms of the license, Huawei will receive a fully-paid license to the Remote Power Patent for its full term which expires in March 2020, which will apply to its sales of Power over Ethernet (“PoE”) products, counting those PoE products which comply with the Institute of Electrical and Electronic Engineers (“IEEE”) 802.3af and 802.3at Standards.
Network-1 Technologies, Inc. develops, licenses, and protects intellectual property assets. The company owns 24 patents that relate to various technologies, counting patents covering the delivery of power over Ethernet cables for the purpose of remotely powering network devices, such as wireless access ports, IP phones, and network based cameras; foundational technologies that enable unified search and indexing, displaying, and archiving of documents in a computer system; enabling technology for identifying media content on the Internet; and systems and methods for the transmission of audio, video, and data over computer and telephony networks.
Shares of Williams Partners LP (NYSE:WPZ), inclined 0.02% to $46.61, during its last trading session.
Williams, declared that Transco has filed an application with the Federal Energy Regulatory Commission for its New York Bay Expansion Project to deliver additional natural gas to New York City in time for the 2017/2018 heating season.
Earlier this year, Williams’ Transco placed into service two other major New York City natural gas pipeline projects, the Rockaway Delivery Lateral and the Northeast Connector. These facilities are providing noteworthy additional supply to the 1.8 million customers served by National Grid in Brooklyn, Queens, Staten Island and Long Island.
Williams Partners L.P., an energy infrastructure company, focuses on connecting North America’s hydrocarbon resource plays to growing markets for natural gas and natural gas liquids (NGL). It operates in Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services segments.
At the end of Thursday’s trade, Shares of VAALCO Energy, Inc. (NYSE:EGY), lost -2.16% to $1.81.
VAALCO Energy, declared that Cary Bounds joined VAALCO as Chief Operating Officer effective July 6, 2015.
Mr. Bounds is a petroleum engineer and has almost 25 years of domestic and international asset administration, business development, planning and technical engineering experience at large, multinational energy companies in addition to at mid-sized and larger independent E&P companies.
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas in the United States. The company owns producing properties and conducts exploration activities as an operator of consortiums internationally in Gabon and Angola, in addition to conducts exploration activities as a non-operator in Equatorial Guinea, West Africa.
Finally, PBF Energy Inc (NYSE:PBF), ended its last trade with -0.07% loss, and closed at $29.93.
PBF Energy, declared that its partner has signed a definitive agreement to purchase Chalmette Refining, LLC, comprising of the 189,000 barrel per day Chalmette Refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC. With the acquisition PBF will enhance its total throughput capacity to over 725,000 barrels per day. The purchase price for the assets is $322 million, plus working capital counting inventory to be valued at closing. PBF Energy does not expect to issue equity to finance any portion of this transaction. The transaction is predictable to be about 20% accretive to 2016 consensus earnings in the first year of operation and is predictable to close preceding to year-end 2015, subject to customary closing conditions and regulatory approvals.
“The acquisition of the Chalmette Refinery, and its associated logistics assets, represents a noteworthy step in the planned growth of PBF Energy and PBF Logistics. Upon completion, we will have raised our refining capacity by 35 percent and added meaningful Gulf Coast assets to our businesses. We will have operations in the Gulf Coast, Mid-Continent and East Coast and have diversified and raised our commercial footprint and flexibility,” said Tom Nimbley, PBF Energy’s Chief Executive Officer. “We are committed to the continued safe and environmentally responsible operations of the facility and look forward to welcoming Chalmette’s well-trained and professional workforce to the PBF family.”
PBF Energy Inc., together with its auxiliaries, engages in the refining and supply of petroleum products. It produces gasoline, ultra-low-sulfur diesel, heating oil, jet fuel, lubricants, petrochemicals, and asphalt, in addition to unbranded transportation fuels, heating oil, petrochemical feedstocks, and other petroleum products.
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