Spherix Completes $500,000 Financing; Updates Planned Schedule for Acquisition
of 222 Patents in Wireless, Antennae and Communications
TYSONS CORNER, VA -- (Marketwired) -- 07/01/13 -- Spherix
Incorporated (NASDAQ: SPEX) an intellectual property development and
life sciences company, today announced that an investor has privately
purchased 100,000 shares at $5.00 per share. The shares of Spherix
Series E Convertible Preferred Stock sold are convertible into common
stock on a share for share basis. Total proceeds to the company was
"Spherix intends to use the proceeds for general working capital and
expenses leading up to the acquisition of important patents that will
advance the company's plan to acquire patent protected intellectual
property to develop and license," said Harvey Kesner, Spherix' CEO.
"Spherix is working to complete acquisitions expected to add hundreds
of valuable patents under our ownership which include wireless
communications, antennae technology and pharmaceutical distribution
patents. We recently signed a further letter of intent with a major
private patent ownership collaboration covering additional areas of
telephony and telecommunications technology which we expect to close
in the third quarter," continued Mr. Kesner.
Spherix previously announced an agreement to acquire 222 patents from
North South Holdings, Inc. principally developed by inventors at
Harris Corp., a 118 year old pioneer in wireless communications and
equipment and a $6 billion defense contractor. The Harris portfolio
has applicability in law enforcement communications, military and
homeland security, satellite communications, portable electronics,
Wi-Fi, microwave and cellular transmission, and solar concentrator
technologies. Additional North South patents cover automated pharmacy
ordering practices. The closing of the North South transaction is
awaiting regulatory approval which is expected within 60 days.
Spherix Incorporated was launched in 1967 as a
scientific research company. Spherix presently offers a diversified
commercialization platform for protected technologies. The company
continues to work on life sciences and drug development and presently
is exploring opportunities in nutritional supplement products relying
on its D-Tagatose natural sweetener as a GRAS ingredient. 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.
Through its recently announced acquisition of several hundred patents
issued to Harris Corporation Spherix intends to expand its activities
in wireless communications and telecommunication sectors including
antenna technology, Wi-Fi, base station functionality, and cellular
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 Securities and Exchange Commission (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.
Richard B. Goldstein
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