Vringo Announces First Quarter Results, Highlights and Subsequent Events
(Thomson Reuters ONE) -
NEW YORK - May 9, 2013 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the
innovation, development, and monetization of mobile technologies and
intellectual property, today announced operating results, highlights and
subsequent events for the first quarter of 2013.
"We are pleased with the progress we have made in the first quarter and events
subsequent to the quarter end. We have been executing on our business plan in
line with our budget for 2013. We look forward to monetizing our assets and
continuing to build the team as we move through the remainder of the year," said
Andrew D. Perlman, Chief Executive Officer of Vringo.
Key Additions to Vringo Team
* Welcomed Ashley C. Keller to the Board of Directors. Mr. Keller serves on
Vringo's Intellectual Property, Compensation and Audit Committees. Mr.
Keller is a co-founder and Chief Investment Officer of Gerchen Keller
Capital, LLC, a private investment firm formed to invest in complex
commercial legal claims. Before practicing law as a partner at Bartlit Beck
Herman Palenchar & Scott, LLP, Mr. Keller clerked for Judge Richard Posner
at the United States Court of Appeals for the Seventh Circuit and Justice
Anthony Kennedy at the Supreme Court of the United States.
* Named Anastasia Nyrkovskaya as Chief Financial Officer. Ms. Nyrkovskaya
recently served as Vice President and Assistant Global Controller at
NBCUniversal. Ms. Nyrkovskaya is a Certified Public Accountant with over
fifteen years of experience and began her career at KPMG, LLP.
* Added Jason Charkow, Esq. to the in-house legal department as Intellectual
Property Counsel. Mr. Charkow previously practiced law at Winston & Strawn,
LLP, where he focused on patent litigation related to telecommunications
networks and equipment.
* Welcomed Noel J. Spiegel to the Board of Directors. Mr. Spiegel will Chair
Vringo's Audit Committee and serve on the Compensation Committee. Mr.
Spiegel served in numerous management positions over his forty year career
at Deloitte & Touche, LLP, including Deputy Managing Partner, member of the
Executive Committee and Partner-in-Charge of Audit Operations in Deloittes's
New York Office. Mr. Spiegel currently serves on the board of American Eagle
Outfitters and Radian Group.
First Quarter Highlights and Subsequent Events
* Subsidiary I/P Engine, Inc. filed a patent infringement lawsuit against
Microsoft Corporation asserting patents acquired from Lycos.
* Subsidiary Vringo Germany GmbH extended its patent infringement lawsuit
against ZTE Corp. China, and its German subsidiary, ZTE Deutschland GmbH
(ZTE), by asserting an additional patent covering certain wireless handsets
with dual antenna transmit diversity. The judge has consolidated the two
cases and the trial is currently scheduled for October 15, 2013.
* Subsidiary Vringo Infrastructure, Inc. entered into a partnership with
Virginia Tech Intellectual Properties to further research and develop
cognitive radio wireless technology for use by first responders and
consumers.
* Subsidiary Vringo Infrastructure, Inc. filed a patent infringement lawsuit
against ZTE Corporation alleging infringement of the French part of European
Patents 1,186,119 and 1,221,212 by ZTE devices, which are believed to fall
within the scope of these patents. The suit was filed after completion of
procedure for the preservation of evidence, called a saisie-contrefaçon, at
two of ZTE's establishments in France.
* Subsidiary I/P Engine, Inc. received rulings on post-trial motions for all
judgments as a matter of law in U.S. District Court litigation against AOL,
Google et al., and filed notice of appeal at the U.S. Court of Appeals for
the Federal Circuit regarding the District Court's laches ruling and jury's
calculation of past damages.
* Vringo began trading on the NASDAQ Capital Market.
* Vringo Infrastructure, Inc. was granted two new European Patents, a Chinese
and a Hong Kong patent related to telecom infrastructure.
Operating Results
* As of the close of business on May 9, 2013, we had over $49 million in cash
and short-term investments. We expect these funds will be sufficient to
support our current operations and allow timely execution of our business
plans.
* Cash used for operating activities during the first quarter of 2013 was $4.8
million.
* Net loss for the first quarter of 2013 was $12.0 million, mainly
attributable to operating legal costs of $5.1 million, recorded in
connection with our legal proceedings, as well as $4.3 million of non-cash
expenses for amortization and depreciation and non-cash share based
compensation.
* On a per share basis, our net loss was $0.15 per basic share in the first
quarter of 2013 as compared to a loss of $0.43 per basic share in the first
quarter of 2012 (pre-merger figures). The decrease in basic loss per share
was mostly due to an increase in the number of shares, partly offset by
increased costs reflecting the post-merger operations of the combined
company.
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 NASDAQ; 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 for
the year ended December 31, 2012. 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
cweinstein(at)vringoinc.com
(646) 532-6777
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#1700758]
Unternehmensinformation / Kurzprofil:
Datum: 09.05.2013 - 22:15 Uhr
Sprache: Deutsch
News-ID 258534
Anzahl Zeichen: 9537
contact information:
Town:
New York
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 182 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Vringo Announces First Quarter Results, Highlights and Subsequent Events"
steht unter der journalistisch-redaktionellen Verantwortung von
Vringo, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
