Spherix Issues Corporate Update; Management Launches Its Patent Monetization
TYSONS CORNER, VA -- (Marketwired) -- 09/24/13 -- Spherix
Incorporated (NASDAQ: SPEX) -- an intellectual property development
company, today provided a corporate update to its recent activities.
Spherix CEO Anthony Hayes commented, "Spherix is continuing our
progression to full monetization of our suite of over 230 patents, as
exhibited by our most recent claims against TMobile, Uniden and
As previously announced, Spherix's complaint against T-Mobile claims
infringement by T-Mobile of United States Patent No. 5,719,584
entitled "System and Method for Determining the Geolocation of a
Transmitter" ("'584 Patent"). This technology relates to the
geolocation of cells phones on the T-Mobile cell phone network.
According to public filings, T-Mobile provides service to
approximately 34 million customers through its network. Spherix CEO
Hayes added, "We continue to examine the '584 Patent and have
identified other parties whom we believe may also infringing on this
same patent. We will continue to strongly defend our intellectual
property when it comes to those using our assets without a license."
Further, Spherix continues to identify new parties that it believes
are infringing the 224 patents Spherix acquired in its previously
announced merger with North South Holdings Inc. The North South
patents include patents in key areas such as wireless communications,
satellite, solar and radio frequency and pharmaceutical technology.
In July 2013 Spherix announced that it had entered into a definitive
agreement to acquire a suite of patents from Rockstar Consortium, the
owner of the world famous Nortel Networks patent portfolio of over
4,000 patents, for consideration including an equity stake in the
company. Spherix has since closed on this agreement and has filed two
claims against the largest manufacturers of cordless telephony,
Uniden and VTech. In identifying both Uniden and VTech, Spherix has
noted that V-Tech has approximately $2.0 billion in U.S. cordless
phone revenue and, together with Uniden, controls approximately 75%
of the U.S. cordless phone market share.
Spherix has retained the law firm of Skiermont Puckett LLP to lead
the commercialization effort of this patent portfolio and identify
additional infringers. The attorneys at Skiermont Puckett are
nationally known trial attorneys who specialize in litigating patent
infringement and complex business cases. Leading the team of lawyers
representing Spherix will be the firm's co-founder Paul Skiermont.
Mr. Skiermont has successfully represented both plaintiffs and
defendants in patent litigation cases, and has represented patent
holders against some of the largest Fortune 500 companies.
Spherix continues to identify new patent portfolios that management
believes will complement its existing IP and that the company plans
to monetize for its shareholders. CEO Anthony Hayes noted, "With the
closing of the North South merger and the exciting portfolio acquired
from Rockstar, the company is closer to its realization as a full IP
monetization firm that enforces and licenses its assets."
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.
Phone: (703) 992-9325
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