NEW YORK, Feb. 21, 2017 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) an intellectual property development company committed to the fostering of technology and monetization of intellectual property, today announced that it has signed up a new client to its Patent Monetization and Consulting subsidiary.
Spherix has entered into an IP Consulting Services Agreement with Numedeon and VWIP Inc. Numedeon Inc. is a privately held company based in Pasadena, California, that since 1999 has been developing immersive online digital learning technology. Best known for creating the children's educational web site "Whyville"(www.whyville.net), now with 8MM registered users, Numedeon has also developed a number of other immersive online learning environments for other demographics and purposes. Numedeon was founded by Dr. James M. Bower and several of his students and colleagues at the California Institute of Technology. Whyville was launched in 1999 on the patent protected Numedeon Interactive Community Engine (NICEtm) platform as the first social game-based educational Internet site. Numedeon has partnered with more than 150 public and private institutions to build technology that engages children in learning about a broad range of topics, including science, business, art and geography. Whyville's average user is aged 13 and 78% of its users are female. In January 2015, Numedeon establish Virtual Worlds IP Inc. ("VWIP") as a subsidiary company specifically to manage and monetize Numedeon's accumulated intellectual property including a foundational patent relating to networked computer systems to engage users in immersive online communities. VWIP was organized to build joint business ventures addressing the wide range of verticals using the social gaming and learning capabilities of the NICEtm Engine as a base.
Dr. Bower, founder, Chairman of the Board, and CEO of Numedeon and VWIP stated, "We have believed since we began working on social and game based learning at Caltech in the mid 1980's, that joint business ventures built on Internet enabled technology platforms would be the future of digital business structure. We are excited to work with Spherix in exploring how the intellectual property we have patiently built over more than 3 decades may allow us to further apply our technology to an ever wider range of market opportunities."
Anthony Hayes, Chief Executive Officer of Spherix, stated, "The online, or E-Learning, sector has been experiencing explosive growth. To put this into perspective, consider that in 2011, about $35.6 billion was spent on self-paced e-learning worldwide. In 2014, e-learning was a $56.2 billion industry, and that number hit $107 billion in 2015, according to an article in Inc. by John Nemo (The $107 Billion Industry That Nobody's Talking About). This is a very exciting space and we are pleased to be working with recognized pioneers in this field and the intellectual property on which Numedeon and WWIP's success has been based. We look forward to investigating their portfolio and helping them achieve value."
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.
About Numedeon Inc.
Numedeon Inc, a California-based C corporation was founded in 1999, with a mission to broadly transform learning using digital technology. Focused initially on children aged 10-14, Numedeon has gone on to apply its technology to a much wider range of demographics including Medicare patients.
About Virtual Worlds IP Inc. (VWIP)
VWIP was established by Numedeon Inc in 2015 as a Delaware-based C-Corporation, as itself an innovative effort to develop and monetize software and Internet-based IP. VWIP is organized to further develop, protect and monetize Numedeon's core IP, principally through the development of new joint business ventures. In 2016, VWIP launched its first company, Fundamental Leaning Inc. which will in turn be launching its first class-room based learning product, PlayMath, in the first quarter of 2017.
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. We are a small company with limited financial resources and our scientific background and abilities to implement a commercialization strategy is subject to ever-changing market conditions and rapidly-advancing technologies over which we have no control. While we believe that these forward-looking statements are reasonable, market conditions and competition in the marketplace is ever-changing and we have no control over these influences. As a result, 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") including, but not limited to, the Risk Factors relating to the Company's patent business and other aspects of the Company's 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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