VRINGO ANNOUNCES CREATION OF JOINT VENTURE WITH FORMER CTO
June 24 2015 - 8:30AM
Andrew Lang to
Start New Company as a Vringo Subsidiary
NEW YORK - June 24, 2015 - Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced that Andrew "Ken" Lang and Vringo will form a new company
as a Vringo subsidiary.
"The intention of this new venture
is to develop and commercialize innovative technologies in the
mobile, security, digital currency, and trusted computing and
communication infrastructure spaces," said Andrew Lang, Head of
Technology.
Mr. Lang continued, "I believe
that the computing and communication infrastructures available
today suffer from many existing security problems, and I plan to
address these threats with novel technology solutions in this new
venture. Among these problems is the ease with which
criminals can attack communications platforms, or simply take down
a service via a Distributed Denial of Service (DDOS) attack.
I believe the cloud computing platforms available today are
too vulnerable, and the friction to adopt new secure technologies
is still too high for them to become popular. Social media
has unleashed powerful new ways to communicate but at the same time
has increased our vulnerability. My new initiative together
with Vringo will seek to provide solutions to these security
threats. I look forward to providing more specific information
about these solutions as the initiative reaches key
milestones."
Vringo will retain a 51% ownership
in the new venture and Mr. Lang will remain at Vringo in the
capacity of Head of Technology. Mr. Lang resigns from the
board of directors effective June 22, 2015 and has agreed to a
significant reduction in salary, effective immediately. In
addition, members of management have volunteered to defer vesting
of restricted stock units to a later date in 2016.
Andrew Perlman, Chief Executive
Officer of Vringo, said, "We are excited to partner with Ken on
this new venture. It is directly in line with our goal to build
shareholder value through partnerships to develop
technology.
We remain highly focused on our
global litigation efforts against ZTE, as well as obtaining fair
and reasonable licenses to our intellectual property portfolio,
which we believe our patents merit. We also await the outcome
of our writ of certiorari to the Supreme Court
with respect to I/P Engine's litigation against Google, in which
both i4i and the Boston Patent Law Association filed amicus briefs
in support of I/P Engine last week," Mr. Perlman continued.
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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