NEW YORK, Oct. 19, 2016 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) an intellectual property development company committed to the fostering of technology and monetization of intellectual property, today announced the formation of Spherix Management Services, Inc., a wholly owned subsidiary focused on helping inventors and small companies manage their IP monetization programs.
Mr. Anthony Hayes, Chief Executive Officer of Spherix, stated, "Spherix has developed a strong reputation in the industry for its specialized knowledge of the patent licensing process and its robust monetization strategy. Over the last few years, we have cultivated a wealth of managerial depth and legal know-how that would be beneficial to other companies. In response to the market demand that we have received from industry participants, we have decided to move forward with a new initiative that will help navigate clients through the complex path of patent licensing. This initiative will help clients grow their businesses and generate revenue by successfully monetizing their patent portfolios. We believe this is a unique opportunity that will prove mutually-beneficial for our clients and our company as a whole."
Spherix will not add any additional costs to its current operations as part of this strategic direction. Instead, we will leverage the considerable scale and talent that we have built at our organization into a fee for services based revenue stream that will augment our existing business. We hope to have new clients shortly.
The Company does not intend to invest in or finance any third party intellectual property. The new subsidiary will aim to provide strategic advice, legal and other back office support to the rapidly growing number of investors and small firms that seek to monetize their intellectual property. By capitalizing on the expertise Spherix has amassed in building a streamlined, cost efficient model, management will now be able to create meaningful value for both new clients and most important, our committed shareholders.
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.
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SOURCE Spherix Incorporated