VRINGO ANNOUNCES 2015 SECOND QUARTER RESULTS
(Thomson Reuters ONE) -
VRINGO ANNOUNCES 2015 SECOND QUARTER RESULTS
NEW YORK, NY - August 4, 2015 - Vringo, Inc. (NASDAQ: VRNG), a company engaged
in the innovation, development and monetization of intellectual property, today
announced operating results for the quarter ended June 30, 2015 and filed with
the Securities and Exchange Commission its Quarterly Report on Form 10-Q.
Operating Results for the Quarter Ended June 30, 2015
* As of June 30, 2015, we had approximately $22.3 million in cash and court
deposits.
* During the first half of 2015, our average monthly cash used in operating
activities was approximately $1.3 million compared to approximately $2.2
million during the first half of 2014, a decrease of 41%.
* Our net loss from continuing operations was approximately $8.5 million
(including non-cash expenses) for the quarter ended June 30, 2015, mainly
attributable to the following:
* Operating legal costs of $5.3 million in connection with ongoing
litigations against ZTE Corporation, ASUSTeK Computer, Inc., and certain
of their affiliates and customers, and other planned enforcements of our
intellectual property;
* General and administrative expenses of $1.2 million; and
* Non-cash expenses of $2.0 million mainly related to equity-based
compensation costs and amortization of our patents.
* On a per share basis, our total net loss from continuing operations was
$0.09 per basic and diluted share for the quarter ended June 30, 2015,
compared to a net loss of $0.12 per basic and diluted share for the quarter
ended June 30, 2014.
* On June 21, 2015, approximately 13.2 million publicly traded and privately
held warrants exercisable at $5.06 per share expired.
* On May 4, 2015, we entered into a securities purchase agreement with certain
institutional investors to purchase, in a registered direct offering, $12.5
million of senior secured convertible notes and warrants to purchase up to
5,375,000 shares of our common stock, at an exercise price equal to $1.00
per share. As of June 30, 2015, $11.3 million of principal was outstanding.
As of August 4, 2015, $9.8 million of principal remains outstanding.
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#1943648]
Unternehmensinformation / Kurzprofil:
Datum: 04.08.2015 - 22:05 Uhr
Sprache: Deutsch
News-ID 411545
Anzahl Zeichen: 6263
contact information:
Town:
New York
Kategorie:
Business News
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