VRINGO ISSUES STATEMENT ABOUT RECENT DIRECTOR AND OFFICER TRANSACTIONS PURSUANT TO RULE 10B5-1 TRADING PLANS
(Thomson Reuters ONE) -
Proceeds From Stock Sales Used to Pay Income Tax Liabilities
NEW YORK - April 29, 2013 - Vringo, Inc. (NYSE MKT: VRNG), a company engaged in
the innovation, development and monetization of mobile technologies and
intellectual property, today issued a statement regarding recent transactions by
certain officers and directors pursuant to their pre-existing Rule 10b5-1
trading plans.
On April 26, 2013, portions of restricted stock units granted to certain Vringo
officers and directors pursuant to the Company's 2012 Equity Incentive Plan
vested. The vesting of these securities caused income tax liabilities for the
officers and directors.
The proceeds from these stock sales are being used to pay the income tax
associated with the vesting of the restricted stock units.
All the stock sales were effected pursuant to pre-existing trading plans
established pursuant to Rule 10b5-1 and will be reported on Form 4 filings to be
filed with the United States Securities and Exchange Commission.
As used here, the term "Rule 10b5-1" refers to an SEC rule under the Securities
Exchange Act of 1934 that enables company officers and directors to enter into
plans at times when such persons do not have any material, non-public
information concerning the issuer. The plans were put in place by such persons
to sell a pre-specified number of restricted stock units on the applicable
vesting dates of the restricted stock units. The Company believes it is a
common practice for insiders to sell shares on regular intervals to pay the
income tax associated with the vesting of the restricted stock units.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of
mobile technologies and intellectual property. Vringo's intellectual property
portfolio consists of over 500 patents and patent applications covering telecom
infrastructure, internet search, and mobile technologies. The patents and
patent applications have been developed internally, and acquired from third
parties. Vringo operates a global platform for the distribution of mobile
social applications and services. For more information, visit:
www.vringoIP.com.
Forward-Looking Statements
This press release includes forward-looking statements, which may be identified
by words such as "believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are not limited to:
the inability to realize the potential value created by the merger with
Innovate/Protect for our stockholders; our inability to raise additional capital
to fund our combined operations and business plan; our inability to monetize and
recoup our investment with respect to patent assets that we acquire; our
inability to maintain the listing of our securities on the NYSE MKT; the
potential lack of market acceptance of our products; our inability to protect
our intellectual property rights; potential competition from other providers and
products; our inability to license and monetize the patents owned by our
subsidiaries, including the outcome of the litigation against online search
firms and other companies; our inability to monetize and recoup our investment
with respect to patent assets that we acquire; and other risks and uncertainties
and other factors discussed from time to time in our filings with the Securities
and Exchange Commission ("SEC"), including our annual report on Form 10-K filed
with the SEC on March 21, 2013. Vringo expressly disclaims any obligation to
publicly update any forward-looking statements contained herein, whether as a
result of new information, future events or otherwise, except as required by
law.
Contacts:
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein(at)vringoinc.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Vringo, Inc. via Thomson Reuters ONE
[HUG#1697523]
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2013 - 22:45 Uhr
Sprache: Deutsch
News-ID 254145
Anzahl Zeichen: 5443
contact information:
Town:
New York
Kategorie:
Business News
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