NEW YORK, Nov. 28, 2016 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) a company committed to the fostering of technology and monetization of intellectual property, today announced that it executed a Consulting Services Agreement with LawCash ®(www.lawcash.com), ("LawCash") one of the nation's largest pre-settlement funding companies. Under the Consulting Services Agreement, Spherix will provide LawCash with consulting and managerial services, with the goal of growing both businesses, as well as exploring other opportunities for the two companies to work together.
LawCash is a specialty finance company, concentrating in litigation funding and attorney financing services. As one of the nation's leading providers of litigation financing, LawCash offers individual plaintiff funding and attorney funding before and after settlement or verdict. LawCash litigation financing allows personal-injury victims, lawsuit plaintiffs, and attorneys to pay expenses and manage cash flow while awaiting the resolution of their claims.
Harvey R. Hirschfeld, co-founder and President of LawCash stated, "At LawCash, our hallmark is fast and excellent service. The LawCash team of professionals has decades of experience working in the financial, business, and legal industries. We understand the needs of our clients, and how to address them as quickly, efficiently, and at as low a cost to our clients, as possible. We believe Spherix management shares these same hallmarks and we believe that working together we can expand business opportunities for both companies." Mr. Hirschfeld has over 35 years of experience in consumer and commercial lending, as well as financial administration. Mr. Hirschfeld is also the Chairman of and was a driving force in the creation of the American Legal Finance Association ("ALFA"), a trade association that represents the leading consumer legal funding companies across the country. Formed in 2004, ALFA is dedicated to ensuring fair, ethical and transparent funding standards within the legal funding industry. Before co-creating LawCash, Mr. Hirschfeld served as Senior Vice President, Chief Operating Officer, and a Director of HealthShield Capital Corporation from June 1996 until August 2002. He was a founder and previously was a Director of Esquire Bank (www.esquirebank.com), a full service, federally-chartered and FDIC insured bank specializing in providing banking services to small- to mid-size law firms and supporting organizations. In addition, Mr. Hirschfeld currently serves as a Director of Oritani Financial Corporation, the parent of Oritani Bank in New Jersey.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "Spherix is proud to have executed a monthly revenue generating consulting agreement with LawCash. The Insurance Information Institute's Fact Book states that of the $350 billion that is paid out annually for litigation claims in the United States, over $160 billion is paid out for personal injury claims. The litigation finance industry is an exciting and growing sector and Spherix brings years of litigation management experience to this relationship. This agreement is a real opportunity to diversify into areas where there is a logical fit with our current resources and abilities. We look forward to working with LawCash and adding value to both companies."
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation and technology, by active participation in the litigation market.
LawCash is a specialty finance company, concentrating in litigation funding and attorney financing services. LawCash is headquartered in Brooklyn, New York, just outside of Manhattan, with additional offices nationwide. LawCash has provided tens of millions of dollars of litigation funding for thousands of potential plaintiffs, plaintiffs, and attorneys. For more information, go to www.lawcash.com.
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.
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SOURCE Spherix Incorporated