VRINGO PROVIDES JANUARY 2016 CORPORATE UPDATE
(Thomson Reuters ONE) -
NEW YORK - January 19, 2016 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in
the innovation, development and monetization of intellectual property as well as
the commercialization and distribution of wire-free power and rugged computing
devices, today provided a corporate update and business outlook for 2016.
"Vringo is currently positioned to drive shareholder value across our
Intellectual Property, Group Mobile and Fli Charge business units. We believe
that the recent acquisition of IDG, a holding company consisting of Fli Charge
and Group Mobile, will yield high growth as we continue to increase our
commercialization efforts. Vringo's healthy cash balance and capitalization
structure provide the company with the flexibility to pursue additional growth
opportunities," said Andrew Perlman, Chief Executive Officer of Vringo.
Fli Charge
"Since acquiring Fli Charge our team has worked tirelessly to achieve a number
of significant milestones. In less than three months we have designed a new
product line, strengthened the relationships with existing partners and advanced
discussions with new partners; all as we seek to commercialize our technology
and build a robust eco-system of wire-free power in the first half of 2016,"
said Cliff Weinstein, President of Fli Charge.
"We were excited to participate in CES this past month and are very pleased with
the overwhelmingly positive reception we received. Our team's efforts to
demonstrate the advantages of Fli Charge's technology should produce significant
traction in the near term and we look forward to announcing new partnerships and
products in the first half of 2016. Fli Charge is truly unique in the wire-free
power space and is the only solution that can deliver up to 150 watts of power
to multiple devices efficiently, simultaneously, regardless of where the devices
are placed on the power pads or surfaces. In conjunction with our partners, Fli
Charge's wire-free power technology is already being incorporated into products
in the education, furniture, automotive, hospitality and vaporizer markets and
we anticipate collaborating with partners on additional mobile devices, power
tools, auxiliary power solutions and other consumer products shortly," Mr.
Weinstein concluded.
Recent Developments at Fli Charge
* Acquired the remaining 30% of Fli Charge on December 28, 2016
* Partnered with MITO Corporation to commercialize aftermarket automotive
power and charging solutions
* Extended and expanded our license agreement with Bretford Manufacturing, a
leading designer and manufacturer of smart furniture
* Introduced ReVive, a 36 watt wire-free power solution for the automotive and
transportation markets
* Received two Global Media Awards for ReVive at SEMA, a premier automotive
specialty products trade event
Group Mobile
"Group Mobile provides a unique opportunity in the rugged computing distribution
space. We feel that the company is positioned to achieve accelerated growth by
expanding our sales team and network, increasing our product offering, and
making system level enhancements. In roughly 90 days time, we have added Sonim
Technologies' line of rugged smartphones and accessories to our product
offering, cultivated strategic relationships with partners in the government
sales sector, began designing and implementing a new website, and expanded our
sales team with the hire of an eastern region sales manager as well as two new
inside sales representatives. These efforts are already yielding positive
results," said Stephanie Kreitner, Executive Vice President of Group Mobile.
"Our goal, simply put, is to be the best partner and provider of rugged
computing devices, systems and associated products that address our customers'
needs. We aim to carry products that can fully outfit police, military,
government, and corporate organizations with a core focus on large recurring
customers. We will continue to increase our sales staff, expand our geographic
coverage and opportunistically look for acquisitions," concluded Ms. Kreitner.
Recent Developments at Group Mobile
* Partnered with Xplore Technologies to land a large blanket purchase order
consisting of 200 Motion by Xplore rugged tablets per year over a three-year
sales agreement with a market leader in sensor-assisted surgery
* Became the first non-carrier distribution partner of Sonim Ultra Rugged LTE
Phones
* Expanded our sales team, with the addition of an industry veteran, Doug
Carter, as the Eastern Region Sales Manager.
Intellectual Property
"Vringo is committed to further monetizing our portfolio of intellectual
property assets. We seek to obtain fair, reasonable, and non-discriminatory
(FRAND) licenses to our standard essential patents. While we are more than
willing to aggressively pursue our legal rights, Vringo is very pleased to be in
discussions with several parties in an effort to achieve mutually agreeable
license terms," said David Cohen, Vringo's Chief Legal and Intellectual Property
Officer.
"We are continuing to unlock the value of our patent portfolio, which contains a
number of proven assets, including one of only two standard essential
telecommunication infrastructure patents ever found valid and infringed in the
United Kingdom. The addressable market for our portfolio captures not only
traditional wireless infrastructure equipment, but also cutting edge small cell
infrastructure technology. Small cells are forecast to become a $6 billion
market by 2019," continued Mr. Cohen.
Financial Update
* Vringo had approximately $27 million in current cash and court deposits as
of December 31, 2015. We expect to redeem the court deposits during the
first quarter of 2016
* As of the end of 2015 we reduced our accounts payable and contingent
liabilities by approximately 60%, resulting in a significantly improved
balance sheet
* Our outstanding debt is currently $3.6 million which is expected to be fully
paid off by no later than July 2016
* Based on our anticipated cash burn, we believe that our cash position will
sufficiently fund over 4 years of operations, assuming zero increase in
revenues from the recently acquired businesses and no further monetization
of our patent portfolio
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of
intellectual property as well as the commercialization and distribution of wire-
free power and rugged computing devices. Vringo's intellectual property
portfolio consists of over 600 patents and patent applications covering telecom
infrastructure, internet search, ad-insertion, mobile and wire-free charging
technologies. Vringo's subsidiary Fli Charge is dedicated to the licensing and
commercialization of wire-free power technologies. Vringo's subsidiary Group
Mobile is dedicated to the marketing and sale of rugged computing devices. 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:
212.309.7549
info(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#1979910]
Unternehmensinformation / Kurzprofil:
Datum: 19.01.2016 - 14:30 Uhr
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News-ID 445053
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