VRINGO SECURES $12.5 MILLION LONG-TERM DEBT FINANCING
(Thomson Reuters ONE) -
NEW YORK -May 4, 2015 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the
innovation, development and monetization of intellectual property, today
announced that it has entered into an agreement with a long-standing
institutional investor to issue $12.5 million of senior secured convertible
notes. The investor has lead or participated in most financings since Vringo's
inception in 2006.
The senior secured convertible notes (the "Notes") will be payable in 21 monthly
installments, mature 21 months from issuance and will accrue interest at 8.0%
per annum from the date of issuance. The Notes may be repaid, at Vringo's
election, in either cash or, subject to certain conditions, shares of the
company's common stock at a discount to the then-current market price. The Notes
are also convertible from time to time, at the election of the holders, into
shares of the company's common stock at a conversion price of $1.00 per share,
representing a 40% premium to the closing price of the company's common stock on
May 1, 2014. The Notes will be secured by first priority liens on the Company's
U.S. patent rights and certain other collateral.
Warrants to purchase an aggregate of 5,375,000 shares of the company's common
stock will be issued with the Notes and will have an initial exercise price of
$1.00 per share. The Warrants will be exercisable six months and one day from
the date of issuance and will have a term of five years from the date they first
become exercisable.
The Notes and the Supplemental Indentures relating to the Notes include certain
covenants, including, among others, the punctual payment of principal and
interest, certain limitations on the incurrence of indebtedness, restrictions on
the redemption of outstanding securities, restrictions on the transfer of assets
and restrictions on the existence of liens on the company's assets.
Vringo expects to use the proceeds from the convertible note to enhance its
monetization efforts around the world for existing and upcoming monetization
efforts.
For additional information concerning the details of the financing, please refer
to the Form 8-K filed with the Securities and Exchange Commission today.
A shelf registration statement (File No. 333-182823) relating to the securities
issued in the offering has been filed with and declared effective by the
Securities and Exchange Commission (the "SEC"). A prospectus supplement
relating to the offering will be filed by the Company with the SEC. Copies of
the prospectus supplement, together with the accompanying prospectus, can be
obtained at the SEC's website at http://www.sec.gov, or from the Company.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company in this offering. There shall not
be any offer, solicitation of an offer to buy, or sale of securities in any
state or jurisdiction in which such an offering, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction. Any offering will be made only by means of a
prospectus, including a prospectus supplement, forming a part of the effective
registration statement.
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of
intellectual property and mobile technologies. Vringo's intellectual property
portfolio consists of over 600 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. For more information, visit:www.vringo.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:
our inability to license and monetize our patents, 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; our inability to develop and introduce new products and/or develop new
intellectual property; our inability to protect our intellectual property
rights; new legislation, regulations or court rulings related to enforcing
patents, that could harm our business and operating results; unexpected trends
in the mobile phone and telecom infrastructure industries; our inability to
raise additional capital to fund our combined operations and business plan; our
inability to maintain the listing of our securities on a major securities
exchange; the potential lack of market acceptance of our products; potential
competition from other providers and products; our inability to retain key
members of our management team; the future success of Infomedia and our ability
to receive value from its stock; our ability to continue as a going concern; our
liquidity 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 16, 2015.
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 GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1918452]
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2015 - 14:20 Uhr
Sprache: Deutsch
News-ID 390546
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contact information:
Town:
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Kategorie:
Business News
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