VRINGO ANNOUNCES CREATION OF JOINT VENTURE WITH FORMER CTO
(Thomson Reuters ONE) -
Andrew Lang to Start New Company as a Vringo Subsidiary
NEW YORK - June 24, 2015 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the
innovation, development and monetization of intellectual property, today
announced that Andrew "Ken" Lang and Vringo will form a new company as a Vringo
subsidiary.
"The intention of this new venture is to develop and commercialize innovative
technologies in the mobile, security, digital currency, and trusted computing
and communication infrastructure spaces," said Andrew Lang, Head of Technology.
Mr. Lang continued, "I believe that the computing and communication
infrastructures available today suffer from many existing security problems, and
I plan to address these threats with novel technology solutions in this new
venture. Among these problems is the ease with which criminals can attack
communications platforms, or simply take down a service via a Distributed Denial
of Service (DDOS) attack. I believe the cloud computing platforms available
today are too vulnerable, and the friction to adopt new secure technologies is
still too high for them to become popular. Social media has unleashed powerful
new ways to communicate but at the same time has increased our vulnerability.
My new initiative together with Vringo will seek to provide solutions to these
security threats. I look forward to providing more specific information about
these solutions as the initiative reaches key milestones."
Vringo will retain a 51% ownership in the new venture and Mr. Lang will remain
at Vringo in the capacity of Head of Technology. Mr. Lang resigns from the
board of directors effective June 22, 2015 and has agreed to a significant
reduction in salary, effective immediately. In addition, members of management
have volunteered to defer vesting of restricted stock units to a later date in
2016.
Andrew Perlman, Chief Executive Officer of Vringo, said, "We are excited to
partner with Ken on this new venture. It is directly in line with our goal to
build shareholder value through partnerships to develop technology.
We remain highly focused on our global litigation efforts against ZTE, as well
as obtaining fair and reasonable licenses to our intellectual property
portfolio, which we believe our patents merit. We also await the outcome of our
writ of certiorari to the Supreme Court with respect to I/P Engine's litigation
against Google, in which both i4i and the Boston Patent Law Association filed
amicus briefs in support of I/P Engine last week," Mr. Perlman continued.
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#1931056]
Unternehmensinformation / Kurzprofil:
Datum: 24.06.2015 - 14:30 Uhr
Sprache: Deutsch
News-ID 402741
Anzahl Zeichen: 6644
contact information:
Town:
New York
Kategorie:
Business News
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