VRINGO ANNOUNCES 2015 SECOND QUARTER RESULTS
August 04 2015 - 4:05PM
VRINGO ANNOUNCES
2015 SECOND QUARTER RESULTS
NEW YORK, NY - August 4, 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 June 30, 2015 and
filed with the Securities and Exchange Commission its Quarterly
Report on Form 10-Q.
Operating Results for the Quarter
Ended June 30, 2015
-
As of June 30, 2015, we had approximately $22.3
million in cash and court deposits.
-
During the first half of 2015, our average
monthly cash used in operating activities was approximately $1.3
million compared to approximately $2.2 million during the first
half of 2014, a decrease of 41%.
- Our net loss from continuing operations was
approximately $8.5 million (including non-cash expenses) for the
quarter ended June 30, 2015, mainly attributable to the
following:
- Operating legal costs of $5.3 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;
- General and administrative expenses of $1.2
million; and
- Non-cash expenses of $2.0 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 $0.09 per basic and diluted share for the
quarter ended June 30, 2015, compared to a net loss of $0.12 per
basic and diluted share for the quarter ended June 30,
2014.
-
On June 21, 2015, approximately 13.2 million
publicly traded and privately held warrants exercisable at $5.06
per share expired.
-
On May 4, 2015, we entered into a securities
purchase agreement with certain institutional investors to
purchase, in a registered direct offering, $12.5 million of senior
secured convertible notes and warrants to purchase up to 5,375,000
shares of our common stock, at an exercise price equal to $1.00 per
share. As of June 30, 2015, $11.3 million of principal was
outstanding. As of August 4, 2015, $9.8 million of principal
remains outstanding.
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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