BETHESDA, Md., Dec. 1, 2015 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) -- an intellectual property
development company committed to the fostering and monetization of
intellectual property, today, in response to inquiries from
investors, provided more detail on the current and prospective
patent monetization and licensing initiatives.
Spherix no longer has a $5 million
payment due on its "Series I" stock. The canceled payment had
been previously due from the Company on or before December 31, 2015, and related to the redemption
of its outstanding Series I Redeemable Convertible Preferred
Stock. In addition, Spherix has further secured the
cancellation of 13% of the Company's outstanding Series H
Convertible Preferred Stock. Further information regarding
recent changes to the Company's capital structure can be found in
the Company's Form 8K previously filed with the SEC at the link:
http://www.sec.gov/Archives/edgar/data/12239/000161577415003498/s102216_8k.htm
In addition, management is focused on the significant
opportunity moving forward on its remaining 200+ patents. The
total addressable market of the remaining opportunity exceeds
$50-plus billion and the Company will
seek to recover a fair and reasonable licensing rate from the
remaining total addressable market.
Market estimates below are based on published reports from
International Data Corporation, Infonetics Research and Spherix's
internal projections. International Data Corporation is the
premier global provider of market intelligence, advisory services,
and events for the information technology, telecommunications and
consumer technology markets. The remaining addressable market
of $50-plus billion can be broken
down into the following categories:
- Service Provider Switch Original Equipment Manufacturers
("OEMs"), a $25 billion addressable
market for the Company consisting of layer 2/3 switches used by
Internet service providers and carriers to implement their
networks.
- Service Provider Router OEMs, a $ 20
billion addressable market for the Company consisting of
routers used by Internet service providers and carriers to
implement their networks.
- Optical Network Equipment OEMs, a $ 19
billion addressable market for the Company consisting of
equipment such as optical multiplexers and optical switches.
- Additional potential licensees include Service Providers that
implement wide area networks to provide services to consumers such
as Internet service providers, cable TV operators, VoIP providers,
cloud service providers and wireless carriers. The total
addressable market estimate by the Company does not include the
size of this significant market.
- Other potential licensees include Network Equipment OEMs and
Service Providers consists of passive optical networking equipment,
mobile carrier equipment, VoIP equipment and Wi-Fi routers.
This market is also incremental to the total addressable
market estimates provided by the Company.
Anthony Hayes, Chief Executive
Officer of Spherix, commented, "As set forth in our most recent 8K
filing, we now move forward as a Company free and clear of the
$5 million dollar debt that was due
in December and unconstrained by any security liens on our
patents. That is a significant achievement for the
Company. And, as previously indicated, we have just begun to
address the significant licensing opportunity for our patents. We
have identified a large list of potential licensees, and efforts
are underway to monetize the Company's opportunities. With a
more sound financial footing, and a favorable Markman Order granted
by the Eastern District of Texas
court that is applicable to some of the potential licensees, we are
excited to move forward."
About Spherix
Spherix is committed to advancing innovation by active
participation in all areas of the patent market. Spherix draws on
portfolios of pioneering technology patents to partner with and
support product innovation. Spherix has acquired over 100 patents
from Rockstar Consortium Inc., and several hundred patents issued
to Harris Corporation, covering a variety of methods and components
involved in switching, routing, networking, optical and telephone
technologies, as well as in the wireless communications and
telecommunication sectors.
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.
Contact:
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Investor
Relations:
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Hayden IR
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Brett Mass, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone: (703)
992-9325
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Email:
info@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated