Apple and Cisco have issued a joint statement regarding the upcoming lawsuit between the two companies over the iPhone name. In the statement, the companies say they have agreed to delay the lawsuit in order to possibly hammer out a deal.

"Apple and Cisco have agreed to extend the time for Apple to respond to the lawsuit to allow for discussions between the companies with the aim of reaching agreement on trademark rights and interoperability."

It has been reported that the two companies had been in negotiations before the iPhone release, and that Apple was even negotiating to secure rights to the iPhone name until the day before the product was announced.

Did Apple get cold feet about the lawsuit? Perhaps they think an out of court settlement is the cheapest way forward? We'll see.