NEW YORK, March 15, 2016 /PRNewswire/ -- Spherix Incorporated (SPEX) -- an intellectual property development company committed to the fostering and monetization of intellectual property and the advancement of technology, today announced that the Company had executed an additional agreement to monetize the Nortel patents with Equitable IP Corporation ("Equitable"), a leading patent enforcement and monetization fund.
Following the initial agreement with Equitable to collaborate on the monetization of the CompuFill patent portfolio, Spherix has signed a new agreement with Equitable, involving the monetization of certain Nortel and North South assets. The Company believes there is widespread infringement of these patents and the total addressable market for the Nortel patents exceeds $50 Billion. The new agreement not only focuses on an extremely valuable portion of the Spherix portfolio, but it also awards economic incentives to Equitable for expeditiously commencing litigation.
Anthony Hayes, CEO of Spherix, said, "We are pleased to announce an additional agreement with our partners at Equitable. This cooperative effort will allow Spherix and Equitable to work together to monetize the substantial value of our patent portfolio. By commencing their work and legal initiatives before May 1, 2016, Equitable will be the beneficiary of a measured yet robust incentive arrangement. Of the 10 new suits that we expect to file, at least seven must apply to the Nortel patents, while two must be against licensees that have public market capitalizations in excess of $1 billion. As stated in our recent shareholder letter, this new agreement helps to broaden potential revenue generation for our shareholders."
Dean Becker, Chairman of Equitable IP Corporation, stated, "We see tremendous value in the former Notel assets now owned by Spherix and look forward to working with Spherix to generate revenue from them. I've been in the business a long time and think these assets are very valuable. The patents covered under our new agreement represent intellectual property used in a wide range of technologies, products and services. We look forward to planning and managing this process to its successful completion."
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 telecommunication sectors.
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