EXHIBIT
5.1
September 22, 2008
Securities
and Exchange Commission
450 Fifth
Street, N.W.
Judiciary
Plaza
Washington,
D.C. 20549
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Re:
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Network-1
Security Solutions, Inc.
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|
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Post-Effective Amendment No. 2 on Form S-1 to Form
SB-2
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Gentleman:
Reference
is made to the Post-Effective Amendment No. 1 on Form S-1 to Form SB-2 and Form
S-2 (the “Registration Statement”) to which this letter is attached as Exhibit
5.1, filed with the Securities and Exchange Commission by Network-1 Security
Solutions, Inc., a Delaware corporation (the “Company”). The
Registration Statement relates to the resale by the selling stockholders of an
aggregate of 9,655,949 shares of the Company’s common stock, $.01 par value (the
“Common Stock”) consisting of 5,213,032 shares of Common Stock and an aggregate
of 4,442,917 shares of Common Stock issuable upon the exercise of certain
warrants and options issued by the Company.
We advise
you that we have examined original or copies certified or otherwise identified
to our satisfaction of the Certificate of Incorporation and By-laws of the
Company, minutes of meetings of the Board of Directors and stockholders of the
Company, the Registration Statement, and such other documents, instruments and
certificates of officers and representatives of the Company and public
officials, and we have made such examination of the law as we have deemed
appropriate as the basis for the opinion hereinafter expressed. In
making such examination, we have assumed the genuineness of all signatures, the
authenticity of all documents submitted to us as certified or photostatic
copies.
Based
upon the foregoing, we are of the opinion that:
(a) the
5,213,032 shares of Common Stock owned by the selling stockholders are validly
issued, fully paid and nonassessable shares of common stock, and
(b) the
4,442,917 shares of Common Stock owned by the selling stockholders issuable upon
the exercise of certain outstanding warrants and options, have been duly
authorized and reserved for and when issued in accordance with the terms of each
respective security will be legally issued, fully paid and
non-assessable.
We hereby
consent to the filing of this opinion as an exhibit to the Registration
Statement and we further consent to the reference to this firm under the caption
“Legal Matters” in the Registration Statement and the Prospectus forming a part
thereof.
Very
truly yours,
/s/ Eiseman Levine Lehrhaupt
& Kakoyiannis,
P.C.
EISEMAN
LEVINE LEHRHAUPT & KAKOYIANNIS, P.C.