VRINGO ACQUIRES WIRE-FREE CHARGING AND RUGGED COMPUTING COMPANY INTERNATIONAL DEVELOPMENT GROUP
(Thomson Reuters ONE) -
Conference Call Scheduled today at 8:30 a.m. Eastern Time
NEW YORK - October 16, 2015 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in
the innovation, development and monetization of intellectual property, today
announced that it has entered into a definitive agreement to acquire privately
held International Development Group (IDG), a holding company consisting of two
primary businesses: fliCharge, a wire-free charging technology company, and
Group Mobile, a market leading built-to-order supplier of rugged computers,
mobile devices and accessories.
Founded in 2014, fliCharge owns a patented, conductive, wire-free charging
technology that is already on the market and available to consumers. The
patented fliCharge technology consists of a wire-free charging solution that can
simultaneously charge multiple battery operated devices on the same charging pad
regardless of their power requirement or position on the pad; users simply place
their enabled device onto a fliCharge pad. fliCharge is currently
commercializing, partnering or developing products in numerous markets including
automotive, education, office, healthcare, power tools and vaporizers.
Founded in 2002, Group Mobile is a market-leading supplier of built-to-order
rugged computers, mobile devices and accessories. Group Mobile provides a high
touch sales experience with full service technical and customer support in the
rugged mobile computer market. Group Mobile's customers include large
corporations, military suppliers, small businesses and individuals. Rugged
products sold by Group Mobile can be found in military helicopters, police
cruisers and ambulance fleets as well as on construction sites, oil rigs and
manufacturing facilities.
The aggregate consideration will be unregistered shares of Vringo preferred
stock convertible into shares of common stock representing approximately 11.4
percent of the combined company on a fully diluted basis, including contingent
consideration.
"I am excited to announce the acquisition of IDG. We believe that the
combination with Vringo provides IDG with the necessary resources to accelerate
growth by increasing market awareness and brand identity stemming directly from
the development, manufacturing, distribution, licensing and sales of innovative
products and technologies," said Andrew D. Perlman, Chief Executive Officer of
Vringo.
"Our existing patent licensing and litigation strategy remains intact and on
track. We believe this acquisition offers diversification to our shareholders
and additional licensing opportunities," Mr. Perlman concluded.
"This transaction presents a fantastic opportunity as we move towards the next
chapter in our company," said Randy Marx, the Chief Executive Officer of IDG. "I
speak on behalf of myself, IDG's largest shareholder, as well as our employees
and shareholders in saying that we are all excited about our partnership with
Vringo."
Vringo has released a presentation that provides an overview of the acquisition.
The presentation is available on the homepage of Vringo's website or at
http://bit.ly/1NK6CgW.
Conference Call
Vringo will host a conference call to discuss its proposed acquisition today at
8:30 a.m. Eastern Time. Members of Vringo's management team including Andrew D.
Perlman, Chief Executive Officer; David L. Cohen, Chief Legal and Intellectual
Property Officer; Anastasia Nyrkovskaya, Chief Financial Officer; and Clifford
J. Weinstein, Executive Vice President will participate as well as members of
IDG including Randy Marx, Chief Executive Officer; Kevin Hibbard, Vice President
of Product Development of fliCharge; and Stephanie Kreitner, Executive Vice
President of Group Mobile.
Join the Conference Call via Webcast
1. Visit http://bit.ly/1METd8n before the start time to join the web portion of
this event.
2. Enter your First Name, Last Name, Company, and Email Address and select
"Submit".
3. Select the "Launch Webcast" icon to view the event.
Join the Conference Call via Assisted Dial-In
To access the conference call by telephone, interested parties should dial (888)
390-3967 (U.S. and Canada) or (862) 255-5351 (international) and reference
Vringo.
Replay
An audio webcast of the conference call will be available within the
"Presentations" section of Vringo's investor relations website shortly after the
end of the conference call.
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 ZTE and other companies; our inability to recognize the
anticipated benefits of the acquisition of IDG, which may be affected by, among
other things, competition, our ability to secure advantageous licensing and
sales agreements, market acceptance of IDG's technology, potential technology
obsolescence, protection of intellectual property rights and potential liability
risks that are inherent in the marketing and sale of products used by consumers;
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#1959269]
Unternehmensinformation / Kurzprofil:
Datum: 16.10.2015 - 13:30 Uhr
Sprache: Deutsch
News-ID 427462
Anzahl Zeichen: 9303
contact information:
Town:
New York
Kategorie:
Business News
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"VRINGO ACQUIRES WIRE-FREE CHARGING AND RUGGED COMPUTING COMPANY INTERNATIONAL DEVELOPMENT GROUP"
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