Spherix Receives Shareholder Approval for Acquisition of 224 Patents Held by
North South Holdings
North South's 224 U.S. Patents to Be Acquired Include Pending
Lawsuits Against T-Mobile and Others; Closing Is Expected Early
TYSONS CORNER, VA -- (Marketwired) -- 08/19/13 -- Spherix
Incorporated (NASDAQ: SPEX) ("Spherix" or the "Company") -- an
intellectual property development company -- today announced that it
has received shareholder approval to acquire North South Holdings.
Shareholders voted to ratify the Plan of Merger between the parties,
pursuant to an Agreement and Plan of Merger dated as of April 2,
2013. Closing is subject to expiration of the statutory 20 calendar
day period from mailing, which will expire September 2, 2013.
North South Holdings owns a patent portfolio consisting of 224
patents in the fields of wireless communications, satellite, solar,
radio frequency and pharmaceutical distribution. North South is
already managing its patent portfolio and has filed patent
infringement litigation against T-Mobile USA and two lawsuits related
to pharmaceutical distribution. North South's portfolio adds both
breath and scope to the group of patents in the mobile communication
sector recently acquired from Rockstar Consortium.
"We are pleased that our stockholders recognize the value and merits
of our acquisition of North South Holdings," said Harvey Kesner,
Interim Chief Executive Officer, Spherix. "The combination of North
South's patent portfolio complements the suite of patents recently
acquired from Rockstar Consortium and strengthens the platform on
which we will continue to establish a robust presence in patent
monetization and commercialization."
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 p
Through its recently announced acquisition of several hundred patents
Spherix intends to expand its activities in wireless communications
and telecommunication sectors including antenna technology, Wi-Fi,
base station functionality, and cellular. No assurance can be given
that the Company's patents or efforts seeking to license or enforce
any patents will be successful, generate income or result in profits
for the Company.
About North South Holdings Inc.
North South Holdings Inc. was formed on November 9, 2012 to seek
business opportunities in which to acquire patents from various
entities and monetize those patents through sales, litigation or
licensing. North South owns a patent portfolio consisting of 222 U.S.
patents in the fields of wireless communications, satellite, solar
and radio frequency, as well as, 2 U.S. patents in pharmaceutical
technology. North South recently entered into an agreement to be
acquired by Spherix Incorporated (NASDAQ: SPEX).
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.
Phone: (703) 992-9325
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