Spherix Release: Company Updates Shareholders

NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) an intellectual property development company committed to the fostering of technology and monetization of intellectual property, today provided an update on its active patent infringement lawsuits.

Anthony Hayes, Chief Executive Officer of Spherix, stated, "As we enter 2017, we will continue to communicate with shareholders about the status of existing monetization efforts with Equitable IP and our due diligence on other patent assets that fit with our current holdings.  We understand the monetization efforts may widely vary with respect to size, scope and complexity.  However, there is one feature that tends to remain consistent. The patent enforcement process is sometimes long and requires patience. To that end we want to thank our committed shareholders for their patience and long term focus."

As previously reported, the following suits are on file as part of our joint monetization efforts with Equitable IP and each of these suits are in varying stages of litigation:

As previously reported, Spherix continues to focus on additional revenue streams to create shareholder value and has entered into a consulting agreement with LawCash, a specialty finance company, concentrating in litigation funding and attorney financing services.  As one of the nation's leading providers of litigation financing, LawCash offers individual plaintiff and attorney funding before and after settlement or verdict. LawCash litigation financing allows personal-injury victims, lawsuit plaintiffs, and attorneys to pay expenses and manage cash flow while awaiting the resolution of their claims.

Spherix also reported today that, in its infringement case against Uniden, the parties have settled the litigation and Uniden has taken a license.  The Company's appeal of patent invalidity at the Patent Trial and Appeal Board will continue without Uniden as a party.  Mr. Hayes stated, "The Uniden settlement will allow us to lower our litigation expenses, generate revenue and prove out our belief that this patent family is valuable and might be used to pursue further infringement cases."  

About Spherix:

Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.

Forward-Looking Statements:

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Spherix Incorporated