North South Raises $2 Million from Strategic Investors for Monetization of its Patent Portfolio
NEW YORK, Aug. 20, 2013 /PRNewswire/ -- North South Holdings Inc. ("North South") -- an intellectual property commercialization company, announced that it raised of $2.0 million through its offering of common stock to strategic investors in the intellectual property monetization space. Proceeds will be used to continue the monetization of patents currently owned by North South, as well as seek additional opportunities for growth.
"We are very pleased with the success of this capital raise and the expression of confidence from high-quality intellectual property investors," said Anthony Hayes, Chief Executive Officer of North South Holdings. "We believe that this financing will enable us to continue to monetize the patents we already own, as well as seek additional growth opportunities."
Roth Capital Partners, LLC and Dawson James Securities, Inc. acted as placement agents for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of North South Holdings nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The shares offered in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States without being registered with the Securities and Exchange Commission (SEC) or through an applicable exemption from SEC registration requirements. The shares of common stock were offered only to accredited investors.
About North South Holdings Inc.
North South Holdings Inc. was formed on November 9, 2012 to seek business opportunities in which to acquire patents from various entities and monetize those patents through sales, litigation or licensing. North South recently entered into an agreement to be acquired by Spherix Incorporated (NASDAQ: SPEX).
About Spherix Incorporated
Spherix Incorporated (NASDAQ: SPEX) was launched in 1967 as a scientific research company. Spherix presently offers a diversified commercialization platform for protected technologies. The company continues to work on life sciences and drug development and presently is exploring opportunities in nutritional supplement products relying on its D-Tagatose natural sweetener as a GRAS ingredient. 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. Through its recently announced acquisition of several hundred patents issued to Harris Corporation Spherix intends to expand its activities in wireless communications and telecommunication sectors including antenna technology, Wi-Fi, base station functionality, and cellular.
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 North South 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. Thus, actual results could be materially different. North South 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.
Anthony Hayes, CEO
North South Holdings Inc.
110 Greene Street; Suite 403
New York, NY 10012
SOURCE North South Holdings Inc.