Agreement Expected to Result in Final Resolution in the Next 30 Days
BETHESDA, MD / CRWEPRESSRELEASE / August 24, 2015 / Spherix Incorporated (NASDAQ: SPEX) an intellectual property development company committed to the fostering and monetization of intellectual property, today provided an update on the Company’s case involving the company’s wholly owned subsidiary, NNTP, LLC (“NNTP”), against Huawei Device USA Inc., Huawei Technologies USA Inc., Huawei Technologies Cooperatif U.A. and Futurewei Technologies, Inc. (collectively “Huawei”).
As noted in the “Report of Mediation” filed with the Court, a memorandum of understanding that favorably resolves the NNPT v. Huawei et al litigation was entered into by the parties. Spherix management anticipates that all documents necessary to resolve this matter will be executed in the next 30 days.
Anthony Hayes, Chief Executive Officer of Spherix, stated, “Spherix remains committed to updating shareholders as its patent monetization efforts progress, and we are pleased to report this positive development. We will proceed as quickly as possible to complete the documents necessary to resolve this matter.”
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.
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.
SOURCE: Spherix Incorporated