Spherix Announces Private Placement as the Company Continues to Execute its
Patent Monetization Program - Spherix accepts $2.0 Million from Investors
TYSONS CORNER, Va., Nov. 4, 2013
TYSONS CORNER, Va., Nov. 4, 2013 /PRNewswire/ --Spherix Incorporated(NASDAQ:
SPEX)--an intellectual property development company committed to the
fostering and monetization of intellectual property, announced todaythat the
Company hasaccepted$2.0millionin subscriptions of anon-brokered private
placement of its equity that convert into common stock on a share for share
basis. The funds raised will be used for general working
capitalandportfolioacquisitionwhile continuing the company objective of
expanding its monetization licensing agenda.
(Logo: http://photos.prnewswire.com/prnh/20131104/PH08853LOGO )
CEO Anthony Hayes stated, "We are pleasedwiththe progress the company has
made in such a shortperiod oftime and the overwhelming support from
investors subscribing this private transaction. We believe this transaction
isa powerful message to the uniqueness of the Spherix model. The additional
capital gives us both the ability to protect our rights and pursue defendants
that may choose to disregard and infringe on our intellectual property. We
also are reviewing various opportunities to acquire additional portfolios and
in conjunction with the newest member of our Board of Directors, Alex
Poltorak, founder of General Patent Corp., we are accelerating our review of
Spherixexpects to close on thistransaction during the week of Nov. 4, 2013.
The securities offered in the private placement have not been registered under
the Securities Act of 1933, as amended (the "Securities Act"), or applicable
state securities laws. Accordingly, the securities may not be offered or sold
in the United States except pursuant to an effective registration statement or
an applicable exemption from the registration requirements of the Securities
Act and such applicable state securities laws. Spherix has agreed with the
participating investors to file a registration statement with the SEC covering
resale of the shares of common stock sold in the private placement.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such
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
SOURCE Spherix Incorporated
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