Calypso Wireless, Inc. Announces Settlement
Calypso Wireless, Inc. ("Calypso") (CLYW) has announced that its Board of Directors
and Drago Daic and Jimmy Williamson, PC have approved the settlement of the litigation
pending in the 333rd Judicial District Court of Harris County, Texas between Calypso, on the
one hand, and Drago Daic and Jimmy Williamson, PC on the other. The settlement is subject
to finalization of a formal settlement agreement that will vacate the prior December 8, 2006
judgment in favor of Drago Daic. Under the terms agreed to by the parties, Calypso will have
the sole and immediate right to exploit the Company's patents and technical development rights
in the United States and Mr. Daic will have the sole right to exploit the Company's patents and
technical development rights throughout the rest of the world. In addition, Calypso will pay Mr.
Daic 28% of the gross recovery (less specified expenses), if any, received by Calypso from its
current pending litigation with T Mobile.