Spherix Announces the Closing of Private Placement of $2,235,000

       Spherix Announces the Closing of Private Placement of $2,235,000

PR Newswire

TYSONS CORNER, Va., Nov 7, 2013

TYSONS CORNER, Va., Nov 7, 2013 /PRNewswire/ -- Spherix Incorporated (NASDAQ:
SPEX) --an intellectual property development company committed to the
fostering and monetization of intellectual property, announced todaythat the
Companyhas closed the previously announced private placement withfive
accredited investors for gross proceeds to the Company of $2,235,000. The
average price per share in this transaction was $6.34.

(Logo: http://photos.prnewswire.com/prnh/20131104/PH08853LOGO)

CEO Anthony Hayes stated, "The aforementioned closing of the privateplacement
allows Spherix to be opportunistic when patent portfolios that our team
identifies as complementary to our existing IP become available. Our team of
professionals continues to identifyinfringementsof our intellectualproperty
of patents that touch in such high use areas as WiFi, Cellular Communication
and Antenna technology."

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities of Spherix or shall there be any sale of
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.

The shares offered in the private placement have not been registered under the
Securities Act of 1933, as amended, or state securities laws, and may not be
offered or sold in the United States without being registered with the
Securities and Exchange Commission (SEC) or through an applicable exemption
from SEC registration requirements. The shares of common stock were offered
only to accredited investors. The Company has agreed to file a registration
statement with the SEC covering the common stock purchased by the investors.
Any offering of the Company's securities under the resale registration
statement will be made only by means of a prospectus.

About Spherix
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.

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.

Contact:
Investor Relations
Phone: (703) 992-9325
Email: info@spherix.com

SOURCE Spherix Incorporated

Website: http://www.spherix.com
 
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