NEW YORK, Nov. 26, 2018 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) today announced it has secured an
ownership interest in Mellow Scooters, LLC, a leading-edge company
that enables anyone to own and operate a personal fleet of electric
scooters and dockless bicycles to generate revenue.
Mellow's unique system allows entrepreneurs both small and large
scale to operate a local business leveraging Mellow's proprietary
software. From renting out an unused road bike, to running a fleet
of hundreds of electric scooters, Mellow provides a flexible entry
for anyone interested in the growing shared vehicles space. The
Mellow website, www.ridemellow.com, explains the concept of the
system through its Mellow Owner and Rider walkthrough guides.
"We believe in empowering citizens, small businesses, and cities
to localize operation of shared vehicles and keep the generated
revenue for schools, infrastructure and the betterment of their own
shared spaces. We have closely studied this fast-growing area of
human transportation and believe we have identified a tremendous
opportunity to change who can participate in this developing space.
The core of Mellow's business, enabling local economies to
keep revenue generated through transit, is an equitable approach
designed to provide a safer, more stable environment. Instead of
giving a distant business control of a city's transit, cities and
small businesses can elect to run their own Mellow operation and
harness revenue from last mile transit. The current state of
private companies taking advantage of city resources (i.e. sidewalk
space, emergency dispatch teams, transit revenue) appears to be
unfair and potentially unsustainable in the long term," stated
Chris Hoyle, CEO of Mellow.
Anthony Hayes, CEO of Spherix
commented, "Leading up to our acquisition of CBM BioPharma, Spherix
had been incubating Mellow and we are proud of its advancements.
Mellow is uniquely positioned to take advantage of a gap in
the rapidly growing electric scooter and bike sharing business and
we are proud to now own twenty five percent (25%) of Mellow.
Chris Hoyle is an exceptional,
bright entrepreneur and we are excited to support his
vision. Our ownership interest in Mellow gives our
shareholders the potential opportunity to participate in the
electronic scooter and bike sharing industry, while Spherix
continues its commitment to the acquisition of CBM and the
advancement of its important cancer fighting drugs."
Additional information about the investment will be available in
the Form 8-K, filed by Spherix with the Securities and Exchange
Commission.
About Spherix
Spherix is committed to advancing innovation and technology 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. In addition to patent
monetization efforts, Spherix has been transitioning to focus our
efforts as a technology development company. These efforts
have focused on biotechnology research and blockchain technology
research. The Company's biotechnology research development
includes investments in Hoth Therapeutics Inc. and the proposed
merger with CBM BioPharma, Inc. ("CBM"). In the field of
blockchain research, Spherix has invested in DatChat and The Bit
Daily. DatChat is a privately held personal privacy platform,
focused on Encrypted Communication, Internet Security and Digital
Rights Management. The Bit Daily (www.thebitdaily.com) is a
daily newsletter that summarizes the current blockchain and
cryptocurrency news.
About Mellow Scooters, LLC
Mellow is a leading edge company that allows anyone to own and
operate their personal fleet of dockless bicycles and electric
scooters to generate revenue. For more information, go to
www.ridemellow.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 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:
Investor Relations: Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com
Spherix:
Phone: 212-745-1373
Email: investorrelations@spherix.com
www.spherix.com
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SOURCE Spherix Incorporated