Vringo, Inc. : Vringo Announces Fourth Quarter and Year End Results for 2012

 Vringo, Inc. : Vringo Announces Fourth Quarter and Year End Results for 2012

         Investor Conference Call Scheduled for 5:00pm Eastern Today

NEW YORK - March 21, 2013 -  Vringo, Inc. (NYSE MKT: VRNG), a company  engaged 
in the innovation,  development, and monetization  of mobile technologies  and 
intellectual property,  today  announced  operating  results  for  the  fourth 
quarter and year-end of 2012 and subsequent events.

"The year 2012  was transformational for  Vringo. I remain  pleased with  the 
accomplishments we  have made  since announcing  and closing  the merger  with 
Innovate/Protect, as well as the progress we have made in the first quarter of
2013. We  remain  focused  on  monetizing  our  technology  and  intellectual 
property portfolios,  which  we  have created  internally  and  acquired  from 
leading organizations  and inventors.  Our  efforts in  2012  have led  to  a 
focused technology  company that  remains  committed to  building  shareholder 
value in 2013 and beyond," said Andrew D. Perlman, Chief Executive Officer  of 

                    2012 Highlights and Subsequent Events

  *Completed our merger with Innovate/Protect on July 19, 2012.
  *Raised significant capital and repaid remaining non-operating debt,
    thereby strengthening the company's balance sheet.
  *Acquired over five hundred patents and patent applications from Nokia
    relating to telecom infrastructure.
  *Acquired a portfolio of intellectual property from quantumStream Systems
    Inc. and Sprout IP LLC that have broad applications to the placement of
    content in digital media such as web pages.
  *Concluded a three-week jury trial against Google, AOL and others in U.S.
    District Court, Eastern District of Virginia, Norfolk Division, where the
    jury upheld the validity of the patents-in-suit, found that the asserted
    claims were infringed, and determined that damages should be based on a
    running royalty.
  *Initiated enforcement of telecom infrastructure portfolio by filing three
    patent infringement lawsuits in Germany and the U.K. against ZTE
    Corporation. The patents-in-suit cover handoff, time switched transmit
    diversity, interoperability between disparate networks, and
    synchronization of devices.
  *Extended enforcement action against ZTE Corporation in Germany by
    asserting an additional patent covering certain wireless handsets with
    dual antenna transmit diversity. The Judge has consolidated the two cases
    and the trial is currently scheduled for October 15, 2013.
  *Welcomed Ashley Keller to the Board of Directors and the Intellectual
    Property, Compensation and Audit Committees. Mr. Keller is a former
    partner at Bartlit Beck Herman Palenchar & Scott LLP. Earlier in his
    career, he clerked for Justice Anthony Kennedy at the Supreme Court of the
    United States and Judge Richard Posner at the United States Court of
    Appeals for the Seventh Circuit. He is a co-founder and current Chief
    Investment Officer of Gerchen Keller Capital LLC.
  *Hired Jason Charkow, Esq. as Intellectual Property Counsel.
    Mr.Charkowpreviouslypracticed law at Winston & Strawn LLP,where
    hefocusedon patent litigation related to telecommunication networks and
    equipment. Mr. Charkow also has years of experience in prosecuting and
    evaluating patents. 
  *Signed partnership with Virginia Tech IP to further research and develop
    wireless technology for use by first responders and consumers.
  *Ended 2012 with approximately $57 million of cash and no debt.

                              Operating Results

                         Year ended December 31, 2012

  *We ended 2012 with positive cash  flow from financing activities of  $85.7 
    million. This  is  mainly  attributed  to  $76.1  million  raised  in  two 
    financing rounds and $12.3  million received from  the exercise of  equity 
    instruments by our investors.

  *As of the close of  business on March 21,  2013, we had approximately  $54 
    million of cash and cash equivalents  on hand. We expect these funds  will 
    be sufficient to support our current operations and allow timely execution
    of our current business plans. 

  *Net loss for the year was $20.8 million, mainly attributable to  operating 
    legal costs  of $9.5  million,  recorded in  connection with  the  ongoing 
    litigation against Google and ZTE, as well as the impact of $10.6  million 
    of  non-cash  expenses  recorded   in  connection  with  amortization   of 
    intangible  assets,   depreciation   of   equipment,   and   share   based 
    compensation. Our net  loss was offset  by a net  non-operating income  of 
    $4.0 million,  recorded mainly  in connection  with the  decrease in  fair 
    value of derivative warrants.

  *In 2012 we  recorded total  revenues of  $369 thousand,  $269 thousand  of 
    which was  in  connection  with  post-merger  revenues  generated  by  our 
    mobile-based  products.  An  additional  $100  thousand  was  recorded  in 
    connection with a partial settlement of litigation in August 2012. 

  *On a per share basis, our net loss  fell by 55% to $0.53 per basic  share, 
    compared to a net loss of $1.17 per basic share presented by Vringo as  of 
    December 31, 2011, pre-merger. The decrease  in basic loss per share  was 
    mostly due to an increase in the  number of shares, and a decrease in  the 
    fair value of  warrants classified  as a  long-term derivative  liability, 
    partly offset by increased costs reflecting the post-merger operations  of 
    the combined company.

                                Fourth Quarter

  *Net loss for the fourth quarter was $14 million, compared to a net loss of
    $3.2 million  in the  third quarter.  This increase  in our  net loss  was 
    mainly due to changes in the value of our derivative warrants, as well  as 
    due to the impact of an issuance of warrants in October 2012. Overall, our
    operating loss was $10.6  million compared to $10.5  million in the  third 
    quarter of 2012.

Conference Call Information

Date: Thursday, March 21, 2013
Time: 5:00 p.m. Eastern (Vringo recommends dialing in ten minutes in advance)
Domestic: (888) 645 - 4404
International: (201) 604 - 0169
Replay (available shortly after conclusion): (888) 632 - 8973 or (201) 499  - 
Confirmation Code: 80209959#

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.  For  more  information,  visit: 

Forward-Looking Statements

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  Innovate/Protect, including the outcome of  the 
litigation against online search firms  and other companies; 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 annual report on Form 10-K filed with the SEC on  March 
21, 2013. 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.


Cliff Weinstein
Executive Vice President
Vringo, Inc.


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Vringo, Inc. via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.