NEW YORK, March 13, 2018 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) a technology development company
committed to the fostering of innovation and monetization of
intellectual property, today announced that it has entered into a
definitive purchase agreement to acquire 100% ownership of DatChat
Inc. DatChat is a privately held personal privacy platform, focused
on Encrypted Communication, Internet Security and Digital Rights
Management.
DatChat recently launched its initial product, a messaging
application for mobile smart phones available on iOS and Android.
The app allows users to control sent messages on the recipient's
phone. Additionally, the Company is expanding its platform to
include a peer-to-peer secure email system that will be built on
Ethereum blockchain technology.
This system is intended to provide enhanced security, because there
is no central storage point for messages, therefore they cannot be
accessed by an unauthorized recipient. Once fully-developed, the
DatChat blockchain technology is being designed to allow each
message to become its own micro-blockchain that will be
permissioned, private and controlled. The closing of the
acquisition is subject to shareholder approval and other customary
conditions.
In addition to the acquisition of DatChat and the integration of
the DatChat team, Spherix is further solidifying its holistic move
into this sector by establishing "Ether Mining Company" as a
subsidiary of Spherix. The purpose of the subsidiary is to mine the
cryptocurrency "Ether." Ether is a type of crypto token that fuels
the Ethereum blockchain network,
upon which DatChat's distributed network is being built.
Mr. Anthony Hayes, CEO of Spherix
stated, "Cyber security is a rapidly-growing sector based on the
ever-increasing threats to privacy and confidential
information. News of data breaches at companies large and
small are becoming increasingly frequent. We believe that the
DatChat Platform offers a solution by giving users total control of
their information after transmittal. We believe that the
further development of the DatChat's messaging technology into an
email application will be the next evolution of blockchain, and
that it will allow for permanent and ephemeral chains, content
delivery, mining and third-party application development.
"DatChat was founded three years ago to address the need for a
mobile messaging application that provides a traditional messaging
experience, while providing users with complete privacy and control
for their messages after they hit send," said Mr. Darin Myman, CEO of DatChat. "Internet Privacy
and cyber security lie at the heart of what we do. We realized that
most cybersecurity was focused only on keeping intruders out,
DatChat was developed as a complete messaging platform with
ephemeral and privacy features that uniquely protect us both before
and after we hit send. We believe that upon implementation,
DatChat's blockchain technology, will allow users to maintain the
right to decide how their messages and information are accessed,
even after hitting send or submit. Essentially, DatChat's goal is
to develop a Digital Rights Management Platform ('DRM') for
blockchain."
About DatChat
DatChat Inc. was founded three years ago by a team dedicated to
creating a personal privacy platform that always provides
privacy, control and security. The DatChat Digital Rights
Mangagement Technology ("DRM") is the core of the platform.
First launching the DatChat Messenger, the Company is now focused
on developing it's blockchain and "DRM" to solve cybersecurity
issues, including issues relating to email, filestorage and
financial transactions.
About Spherix
Spherix is committed to advancing innovation by active
participation in all areas of the patent market. Spherix draws on
portfolios of pioneering technology patents to partner with and
support product innovation. Spherix has acquired over 100 patents
from Rockstar Consortium Inc., and several hundred patents issued
to Harris Corporation, covering a variety of methods and components
involved in switching, routing, networking, optical and
telecommunication sectors.
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 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 Maas, 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:
212-745-1373
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Email:
investorrelations@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated