VRINGO ANNOUNCES 2015 FIRST QUARTER RESULTS
May 05 2015 - 4:05PM
NEW YORK - May 5, 2015 - Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced operating results for the quarter ended March 31, 2015
and filed with the Securities and Exchange Commission its Quarterly
Report on Form 10-Q.
Operating Results
for the Quarter Ended March 31, 2015 and
Subsequent Events
-
On May 4, 2015, we entered into a securities
purchase agreement with certain institutional investors ("the
Investors"), in a registered direct offering of Senior Secured
Convertible Notes ("Notes") and warrants to purchase shares of our
common stock. On that date, we issued $12.5 million of Notes to the
Investors, which are convertible into shares of our common stock at
$1.00 per share, bear 8% interest and mature in 21 months, unless
earlier converted. The Notes may be repaid, at Vringo's election,
in either cash or, subject to certain conditions, shares of the
company's common stock at a discount to the then-current market
price. In addition, we issued the Investors approximately 5.4
million warrants to purchase shares of our common stock, which are
exercisable at $1.00 per share and are exercisable for a period of
five years. In connection with the issuance of the Notes and
warrants, we received net cash proceeds of $12.4 million.
-
Our cash balance as of May 5, 2015 is
approximately $23 million.
-
As of March 31, 2015, we had approximately $14.3
million in cash and court deposits.
-
During the quarter ended March 31, 2015, our
average monthly cash used in operating activities was approximately
$1.2 million compared to approximately $2.8 million during the
quarter ended March 31, 2014, a decrease of approximately
57%.
-
Our net loss from continuing operations was
approximately $7.0 million (including non-cash expenses) for the
quarter ended March 31, 2015, mainly attributable to the
following:
-
Operating legal costs of $2.8 million in
connection with ongoing litigations against ZTE Corporation,
ASUSTeK Computer, Inc., and certain of their affiliates and
customers, and other planned enforcements of our intellectual
property, net of legal fee reimbursements received of $1.0
million;
-
General and administrative expenses of $1.2
million; and
-
Non-cash expenses of $3.1 million mainly related
to equity-based compensation costs and amortization of our
patents.
-
On a per share basis, our total net loss from
continuing operations was $0.07 per basic and diluted share for the
quarter ended March 31, 2015, compared to a net loss of $0.13 per
basic and diluted share for the quarter ended March 31,
2014.
-
We anticipate that approximately 13.2 million
publicly traded and privately held warrants exercisable at $5.06
per share will expire in June 2015.
About Vringo,
Inc.
Vringo, Inc. is engaged in the
innovation, development and monetization of intellectual property
and mobile technologies. Vringo's intellectual property
portfolio consists of over 600 patents and patent applications
covering telecom infrastructure, internet search, and mobile
technologies. The patents and patent applications have been
developed internally, and acquired from third parties. For
more information, visit: www.vringo.com.
Forward-Looking
Statements
This press release includes
forward-looking statements, which may be identified by words such
as "believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should," "seeks," "future," "continue," or the negative
of such terms, or other comparable terminology. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our inability to license and monetize our patents,
including the outcome of the litigation against online search firms
and other companies; our inability to monetize and recoup our
investment with respect to patent assets that we acquire; our
inability to develop and introduce new products and/or develop new
intellectual property; our inability to protect our intellectual
property rights; new legislation, regulations or court rulings
related to enforcing patents, that could harm our business and
operating results; unexpected trends in the mobile phone and
telecom infrastructure industries; our inability to raise
additional capital to fund our combined operations and business
plan; our inability to maintain the listing of our securities on a
major securities exchange; the potential lack of market acceptance
of our products; potential competition from other providers and
products; our inability to retain key members of our management
team; the future success of Infomedia and our ability to receive
value from its stock; our ability to continue as a going concern;
our liquidity and other risks and uncertainties and other factors
discussed from time to time in our filings with the Securities and
Exchange Commission ("SEC"), including our annual report on Form
10-K filed with the SEC on March 16, 2015. Vringo expressly
disclaims any obligation to publicly update any forward-looking
statements contained herein, whether as a result of new
information, future events or otherwise, except as required by
law.
Contacts:
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein@vringoinc.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Vringo, Inc. via Globenewswire
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