ParkerVision Announces Cost Reduction Measures to Sustain Support of Patent Enforcement Campaign
August 23 2018 - 8:30AM
ParkerVision, Inc. (OTCQB:PRKR) today announced cost reduction
measures, including a reduction in workforce in its two Florida
offices, that are expected to generate up to $8 million in
annualized cost savings.
The reduction will impact approximately 30
employees and will include the consolidation of the Company’s two
offices in Florida to a single facility. In addition to the
workforce reduction, the Company’s executives and top management
employees also reduced their salaries.
The Company has been evaluating its overall
business strategy in light of its limited capital resources and its
desire to continue supporting its commitment to enforce the
Company’s patent rights. The Company has several near-term
milestones in its patent enforcement actions, including a ruling
from the Federal Circuit on the IPR challenge to its ‘940 patent, a
Markman hearing in Jacksonville next week in its district court
case against Qualcomm and Apple, and rulings on multiple cases
pending in Germany where the Company is seeking injunctive
relief.
Jeffrey Parker CEO said, “This reduction in
workforce, while difficult, is essential to the transformation of
ParkerVision toward a sustainable, growing business. We
anticipate several decisions in our patent enforcement actions this
year, any one of which could provide a favorable catalyst for the
overall success of our enforcement program. Given the
significant investments we’ve made over the last two decades in the
development of our wireless technologies, and the related patent
protections we were granted, we owe it to our shareholders and
business partners to secure fair compensation for the unauthorized
use of our most valuable assets.”
About ParkerVision, Inc.
ParkerVision, Inc. maintains a patent
enforcement program to derive value from the proprietary
radio-frequency (RF) technologies it has developed and which the
Company believes are broadly infringed by providers of integrated
circuits used in current and future generation wireless
devices. ParkerVision also develops and markets a family of
products under the Milo® brand that leverages existing Wifi
infrastructure to create more optimal Wifi configuration and
superior coverage for small businesses and consumers. For
more information please visit www.parkervision.com and
www.milowifi.com.
Safe Harbor Statement This press release
contains forward-looking information. Readers are cautioned not to
place undue reliance on any such forward-looking statements, each
of which speaks only as of the date made. Such statements are
subject to certain risks and uncertainties which are disclosed in
the Company’s SEC reports, including the Form 10-K for the year
ended December 31, 2017 and the Forms 10-Q for the quarters ended
March 31, 2018 and June 30, 2018. These risks and uncertainties
could cause actual results to differ materially from those
currently anticipated or projected.
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Cindy Poehlman
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Jean Marie Young |
Chief Financial
Officer |
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The Piacente Group,
Inc. |
ParkerVision, Inc. |
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212-481-2050 |
904-732-6100 |
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parkervision@tpg-ir.com |
cpoehlman@parkervision.com |
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