Spherix Announces Closing of Acquisition of North South Holdings -- Appointment
of Anthony Hayes as New CEO
TYSONS CORNER, VA -- (Marketwired) -- 09/10/13 -- Spherix
Incorporated (NASDAQ: SPEX) ("Spherix" or the "Company") -- an
intellectual property development company -- today announced that it
closed on the acquisition of North South Holdings Inc. (hereinafter
"North South"), previously announced on April 2, 2013. In addition,
Spherix reported that it received NASDAQ approval for continued
listing on the NASDAQ exchange.
Anthony Hayes, former CEO of North South, will take over as CEO of
Spherix. Mr. Hayes commented, "We are very pleased to finalize the
merger and we look forward to continuing to build a strong NASDAQ
company for our shareholders."
North South, which is now part of Spherix, 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 breadth and scope to the group of patents in the mobile
communication sector recently acquired from Rockstar Consortium.
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
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.
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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