NEW YORK - January 19, 2016 -
Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property as well as
the commercialization and distribution of wire-free power and
rugged computing devices, today provided a corporate update and
business outlook for 2016.
"Vringo is currently positioned to
drive shareholder value across our Intellectual Property, Group
Mobile and Fli Charge business units. We believe that the
recent acquisition of IDG, a holding company consisting of Fli
Charge and Group Mobile, will yield high growth as we continue to
increase our commercialization efforts. Vringo's healthy cash
balance and capitalization structure provide the company with the
flexibility to pursue additional growth opportunities," said Andrew
Perlman, Chief Executive Officer of Vringo.
Fli
Charge
"Since acquiring Fli Charge our
team has worked tirelessly to achieve a number of significant
milestones. In less than three months we have designed a new
product line, strengthened the relationships with existing partners
and advanced discussions with new partners; all as we seek to
commercialize our technology and build a robust eco-system of
wire-free power in the first half of 2016," said Cliff Weinstein,
President of Fli Charge.
"We were excited to participate in
CES this past month and are very pleased with the overwhelmingly
positive reception we received. Our team's efforts to
demonstrate the advantages of Fli Charge's technology should
produce significant traction in the near term and we look forward
to announcing new partnerships and products in the first half of
2016. Fli Charge is truly unique in the wire-free power space
and is the only solution that can deliver up to 150 watts of power
to multiple devices efficiently, simultaneously, regardless of
where the devices are placed on the power pads or surfaces. In
conjunction with our partners, Fli Charge's wire-free power
technology is already being incorporated into products in the
education, furniture, automotive, hospitality and vaporizer markets
and we anticipate collaborating with partners on additional mobile
devices, power tools, auxiliary power solutions and other consumer
products shortly," Mr. Weinstein concluded.
Recent
Developments at Fli Charge
-
Acquired the remaining 30% of Fli Charge on
December 28, 2016
-
Partnered with MITO Corporation to commercialize
aftermarket automotive power and charging solutions
-
Extended and expanded our license agreement with
Bretford Manufacturing, a leading designer and manufacturer of
smart furniture
-
Introduced ReVive, a 36 watt wire-free power
solution for the automotive and transportation markets
-
Received two Global Media Awards for ReVive at
SEMA, a premier automotive specialty products trade event
Group
Mobile
"Group Mobile provides a unique
opportunity in the rugged computing distribution space. We feel
that the company is positioned to achieve accelerated growth by
expanding our sales team and network, increasing our product
offering, and making system level enhancements. In roughly 90
days time, we have added Sonim Technologies' line of rugged
smartphones and accessories to our product offering, cultivated
strategic relationships with partners in the government sales
sector, began designing and implementing a new website, and
expanded our sales team with the hire of an eastern region sales
manager as well as two new inside sales representatives. These
efforts are already yielding positive results," said Stephanie
Kreitner, Executive Vice President of Group Mobile.
"Our goal, simply put, is to be
the best partner and provider of rugged computing devices, systems
and associated products that address our customers' needs. We aim
to carry products that can fully outfit police, military,
government, and corporate organizations with a core focus on large
recurring customers. We will continue to increase our sales
staff, expand our geographic coverage and opportunistically look
for acquisitions," concluded Ms. Kreitner.
Recent
Developments at Group Mobile
-
Partnered with Xplore Technologies to land a
large blanket purchase order consisting of 200 Motion by Xplore
rugged tablets per year over a three-year sales agreement with a
market leader in sensor-assisted surgery
-
Became the first non-carrier distribution
partner of Sonim Ultra Rugged LTE Phones
-
Expanded our sales team, with the addition of an
industry veteran, Doug Carter, as the Eastern Region Sales
Manager.
Intellectual
Property
"Vringo is committed to further
monetizing our portfolio of intellectual property assets. We
seek to obtain fair, reasonable, and non-discriminatory (FRAND)
licenses to our standard essential patents. While we
are more than willing to aggressively pursue our legal rights,
Vringo is very pleased to be in discussions with several parties in
an effort to achieve mutually agreeable license terms," said David
Cohen, Vringo's Chief Legal and Intellectual Property Officer.
"We are continuing to unlock the
value of our patent portfolio, which contains a number of proven
assets, including one of only two standard essential
telecommunication infrastructure patents ever found valid and
infringed in the United Kingdom. The addressable market for
our portfolio captures not only traditional wireless infrastructure
equipment, but also cutting edge small cell infrastructure
technology. Small cells are forecast to become a $6 billion market
by 2019," continued Mr. Cohen.
Financial
Update
-
Vringo had approximately $27 million in current
cash and court deposits as of December 31, 2015. We expect to
redeem the court deposits during the first quarter of 2016
-
As of the end of 2015 we reduced our accounts
payable and contingent liabilities by approximately 60%, resulting
in a significantly improved balance sheet
-
Our outstanding debt is currently $3.6 million
which is expected to be fully paid off by no later than July
2016
-
Based on our anticipated cash burn, we believe
that our cash position will sufficiently fund over 4 years of
operations, assuming zero increase in revenues from the recently
acquired businesses and no further monetization of our patent
portfolio
About Vringo,
Inc.
Vringo, Inc. is engaged in the
innovation, development and monetization of intellectual property
as well as the commercialization and distribution of wire-free
power and rugged computing devices. Vringo's intellectual
property portfolio consists of over 600 patents and patent
applications covering telecom infrastructure, internet search,
ad-insertion, mobile and wire-free charging technologies.
Vringo's subsidiary Fli Charge is dedicated to the licensing and
commercialization of wire-free power technologies. Vringo's
subsidiary Group Mobile is dedicated to the marketing and sale of
rugged computing devices. 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 ZTE and other
companies; our inability to recognize the anticipated benefits of
the acquisition of IDG, which may be affected by, among other
things, competition, our ability to secure advantageous licensing
and sales agreements, market acceptance of IDG's technology,
potential technology obsolescence, protection of intellectual
property rights and potential liability risks that are inherent in
the marketing and sale of products used by consumers; 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:
212.309.7549
info@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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