VRINGO ANNOUNCES FULL YEAR RESULTS FOR 2015 AND PROVIDES UPDATE ON ONGOING BUSINESS OPERATIONS
March 10 2016 - 4:30PM
NEW YORK - March 10, 2016 -
Vringo, Inc. (NASDAQ: VRNG), a diversified technology company,
today announced operating results for the year ended December 31,
2015 in its Annual Report on Form 10-K filed with the Securities
and Exchange Commission and provided an update on its ongoing
business operations.
"2015 was a transformational year
for Vringo. In October, we acquired two businesses, Fli Charge, a
wire-free power technology company, and Group Mobile, a supplier of
built-to-order rugged computers, mobile devices and accessories.
Shortly after, in December, we entered into a Global Settlement and
License Agreement with ZTE Corporation, which resolved all
outstanding disputes between Vringo and ZTE. We now have a proven
patent portfolio which we will seek to continually license
actively," said Andrew Perlman, Chief Executive Officer of
Vringo.
"We believe that our solid
financial position makes Vringo an excellent platform for growth.
In addition, it enables us to execute on our existing business
strategy as well as pursue additional opportunities which we
believe will create shareholder value," concluded Mr. Perlman.
Fli
Charge
-
Designed a new product line, including
cases for the most popular Apple and Samsung smartphones, charging
pads and universal adapters, including the USB PowerDisc and the
PowerCoin.
-
Exhibited at CES 2016 in Las Vegas
resulting in positive feedback and a healthy pipeline of licensing
and partnership opportunities.
-
Advanced discussions with new partners
in the education, furniture, automotive, hospitality, power tool,
aviation and vaporizer markets, among others.
-
Extended and expanded our license
agreement with Bretford Manufacturing, a leading designer and
manufacturer of smart furniture.
-
Partnered with MITO Corporation to
commercialize aftermarket automotive power and charging
solutions.
-
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
-
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.
-
Added Panasonic Toughbook 20, a rugged
2-in-1 device, which can be used as both a laptop and a tablet, to
the product line.
-
Added Sonim Technologies' line of
rugged smartphones and accessories to product offerings.
-
Became the first non-carrier
distribution partner of Sonim Ultra Rugged LTE Phones.
-
Expanded our sales team, with the hire
of an eastern region sales manager, Doug Carter, as well as two new
inside sales representatives.
-
Broadened our product offering with 10
cutting edge devices from existing partners and added CAT as a
supplier of mobile devices.
-
Added key new backup, antivirus,
recycling and customer asset trade-in services.
Operating Results for the Year
Ended December 31, 2015
-
Vringo had approximately $27 million in cash and
court deposits as of December 31, 2015. Most of the amount held as
court deposits was subsequently returned to us in Q1 2016.
-
Our outstanding debt was $4.1 million
as of December 31, 2015 and is $1.7 million as of March 10,
2016.
-
For the year ended December 31, 2015,
we recorded total revenue of $22.7 million, which is an increase of
1,492% as compared to the year ended December 31, 2014. The
increase in 2015 was mainly due to our Intellectual Property
operating segment for the $21.5 million received in connection with
an executed confidential settlement and license agreement with ZTE,
as well as revenue generated by our Group Mobile segment.
-
Operating legal costs were $18.5
million (including stock based compensation of $0.8 million) for
the year ended December 31, 2015, which represents a decrease of
27% from prior year. This decrease was primarily due to the timing
and nature of consulting and patent litigation costs related to
legal proceedings against ZTE, ASUSTeK Computer, Inc. and Google,
Inc.
-
For the year ended December 31, 2015,
total general and administrative expenses, net of non-cash items
such as stock based compensation, decreased by 14% to $6.0 million
as compared to the prior year.
-
Total loss per share improved to $1.09
as of December 31, 2015 from $12.36 as of December 31, 2014.
About Vringo,
Inc.
Vringo, Inc. is a diversified
technology company engaged in the innovation, development,
commercialization and monetization of three operating segments; Fli
Charge, Group Mobile, and Intellectual Property. Fli Charge is
dedicated to the licensing and commercialization of wire-free power
technologies. Group Mobile is dedicated to the marketing and sale
of rugged computing devices. Intellectual Property portfolio
consists of over 600 patents and patent applications covering
telecom infrastructure, internet search, ad-insertion, mobile and
wire-free charging technologies; visit: www.vringo.com |
www.flicharge.com | www.groupmobile.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; 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 10, 2016.
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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