PTI seeks to terminate agreement with Tessera

In the letter, PTI also stated that on July 30, 2012, it will make an undisclosed payment to Tessera in protest under the license agreement. PTI filed a complaint against Tessera, Inc. in December of 2011, seeking a declaratory judgment that PTI had the right to terminate its license agreement due to a breach of contract by Tessera, Inc. "PTI's position is without merit because there was no breach of contract by Tessera, Inc.," said Richard Chernicoff, president of Tessera Intellectual Property Corp. "We will continue to defend the license agreement in Court, while noting that PTI's contribution to our revenue this year is already of declining significance in comparison to past years for reasons unrelated to the litigation. Because of the strength of our multiple portfolios and our diverse revenue sources, no single licensee's refusal to honor its contractual obligations will have a long term impact on our patent monetization business."