NEW YORK, Nov. 28, 2016 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) a company committed to the
fostering of technology and monetization of intellectual property,
today announced that it executed a Consulting Services Agreement
with LawCash ®(www.lawcash.com), ("LawCash") one of the nation's
largest pre-settlement funding companies. Under the
Consulting Services Agreement, Spherix will provide LawCash with
consulting and managerial services, with the goal of growing both
businesses, as well as exploring other opportunities for the two
companies to work together.
LawCash is a specialty finance company, concentrating in
litigation funding and attorney financing services. As one of
the nation's leading providers of litigation financing, LawCash
offers individual plaintiff funding and attorney funding before and
after settlement or verdict. LawCash litigation financing allows
personal-injury victims, lawsuit plaintiffs, and attorneys to pay
expenses and manage cash flow while awaiting the resolution of
their claims.
Harvey R. Hirschfeld, co-founder
and President of LawCash stated, "At LawCash, our hallmark is fast
and excellent service. The LawCash team of professionals has
decades of experience working in the financial, business, and legal
industries. We understand the needs of our clients, and how to
address them as quickly, efficiently, and at as low a cost to our
clients, as possible. We believe Spherix management shares
these same hallmarks and we believe that working together we can
expand business opportunities for both companies." Mr.
Hirschfeld has over 35 years of experience in consumer and
commercial lending, as well as financial administration. Mr.
Hirschfeld is also the Chairman of and was a driving force in the
creation of the American Legal Finance Association ("ALFA"), a
trade association that represents the leading consumer legal
funding companies across the country. Formed in 2004, ALFA is
dedicated to ensuring fair, ethical and transparent funding
standards within the legal funding industry. Before
co-creating LawCash, Mr. Hirschfeld served as Senior Vice
President, Chief Operating Officer, and a Director of HealthShield
Capital Corporation from June 1996
until August 2002. He was a founder and previously was a
Director of Esquire Bank (www.esquirebank.com), a full service,
federally-chartered and FDIC insured bank specializing in providing
banking services to small- to mid-size law firms and supporting
organizations. In addition, Mr. Hirschfeld currently serves as a
Director of Oritani Financial Corporation, the parent of Oritani
Bank in New Jersey.
Anthony Hayes, Chief Executive
Officer of Spherix, stated, "Spherix is proud to have executed a
monthly revenue generating consulting agreement with LawCash.
The Insurance Information Institute's Fact Book states that of the
$350 billion that is paid out
annually for litigation claims in the
United States, over $160
billion is paid out for personal injury claims. The
litigation finance industry is an exciting and growing sector and
Spherix brings years of litigation management experience to this
relationship. This agreement is a real opportunity to
diversify into areas where there is a logical fit with our current
resources and abilities. We look forward to working with
LawCash and adding value to both companies."
About Spherix
Spherix Incorporated was launched in 1967 as a scientific
research company. Spherix is committed to advancing innovation and
technology, by active participation in the litigation market.
About LawCash
LawCash is a specialty finance company, concentrating in
litigation funding and attorney financing services. LawCash is
headquartered in Brooklyn, New
York, just outside of Manhattan, with additional offices nationwide.
LawCash has provided tens of millions of dollars of litigation
funding for thousands of potential plaintiffs, plaintiffs, and
attorneys. For more information, go to www.lawcash.com.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the Securities and Exchange
Commission (the "SEC"), not limited to Risk Factors relating to its
patent business contained therein. Thus, actual results could be
materially different. The Company expressly disclaims any
obligation to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
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Investor
Relations:
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Hayden IR
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Brett Mass, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone: (703)
992-9325
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Email:
info@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated