Zurich, Switzerland – 29th August 2011 – Myriad Group AG (SIX Swiss Exchange: MYRN), a global leader in mobile technology having shipped over 3.8 billion software applications on more than 2.2 billion phones, today announced that it reached settlement of a legal case with Openwave Systems Inc., Redwood City/CA, and will receive a cash payment of USD 12 million in September 2011. 

As a result, the company’s cash position will increase to approximately USD 28 million (USD 16.4 million as at 30 June 2011).

Simon Wilkinson, Myriad CEO, commented: “The settlement of our legal action with Openwave Systems Inc., this week demonstrates our continued ability to successfully protect Myriad’s trading rights. This will significantly boost Myriad’s cash resources to fund future growth, as the business capitalizes on new market opportunities.”