Vringo Issues Statement about Recent Director and Officer Transactions
Pursuant to Rule 10B5-1 Trading Plans
Proceeds From Stock Sales Used to Pay Income Tax Liabilities
NEW YORK -- January 29, 2013
Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation,
development and monetization of mobile technologies and intellectual property,
today issued a statement regarding recent transactions by certain officers and
directors pursuant to their pre-existing Rule 10b5-1 trading plans.
On January 28, 2013, portions of restricted stock units granted to certain
Vringo officers and directors pursuant to the Company's 2012 Equity Incentive
Plan vested. The vesting of these securities caused income tax liabilities for
the officers and directors.
The proceeds from these stock sales are being used to pay the income tax
associated with the vesting of the restricted stock units.
All the stock sales were effected pursuant to pre-existing trading plans
established pursuant to Rule 10b5-1 and will be reported on Form 4 filings to
be filed with the United States Securities and Exchange Commission.
As used here, the term "Rule 10b5-1" refers to an SEC rule under the
Securities Exchange Act of 1934 that enables company officers and directors to
enter into plans at times when such persons do not have any material,
non-public information concerning the issuer. The plans were put in place by
such persons to sell a pre-specified number of restricted stock units on the
applicable vesting dates of the restricted stock units. The Company believes
it is a common practice for insiders to sell shares on regular intervals to
pay the income tax associated with the vesting of the restricted stock units.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of
mobile technologies and intellectual property. Vringo's intellectual property
portfolio consists of over 500 patents and patent applications covering
telecom infrastructure, internet search, and mobile technologies. The patents
and patent applications have been developed internally, and acquired from
third parties. Vringo operates a global platform for the distribution of
mobile social applications and services including Facetones® and Video
Ringtones which transform the basic act of making and receiving mobile phone
calls into a highly visual, social experience. For more information, visit:
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: the inability to realize the potential value created
by the merger with Innovate/Protect for our stockholders; our inability to
raise additional capital to fund our combined operations and business plan;
our inability to monetize and recoup our investment with respect to patent
assets that we acquire; our inability to maintain the listing of our
securities on the NYSE MKT; the potential lack of market acceptance of our
products; our inability to protect our intellectual property rights; potential
competition from other providers and products; our inability to license and
monetize the patents owned by our subsidiaries; our inability to monetize and
recoup our investment with respect to patent assets that we acquire; 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
quarterly report on Form 10-Q filed with the SEC on November 14, 2012. 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.
Investors and Media:
Cliff Weinstein, (646)-532-6777
Executive Vice President
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