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Virgin Mobile Settles Patent Suit

WARREN, N.J. -- Virgin Mobile USA and Freedom Wireless Inc. announced a settlement and licensing agreement in connection with Freedom Wireless' patent portfolio which relates to certain prepaid wireless systems and methods. Under the terms of the agreement, in addition to resolving all claims of past infringement, Freedom Wireless grants Virgin Mobile USA a royalty-bearing license under its prepaid wireless patent portfolio. The terms of the agreement are confidential.

"Over an extended period, Freedom and Virgin Mobile have negotiated in good faith to reach a settlement and license agreement that is acceptable to both parties," said Dan Schulman, chief executive officer, Virgin Mobile USA. "This agreement allows both companies to move ahead with our business goals without litigation.""We are pleased to have licensed our prepaid wireless patents to Virgin Mobile," said Freedom's president, Larry Day. "With its large subscriber base and leading-edge marketing and technical capabilities, Virgin Mobile is a key player in the prepaid wireless space."

Virgin Mobile USA Inc. (NYSE: VM)

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