NEW YORK, Nov. 7, 2016 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) an intellectual property development company committed to the fostering of technology and monetization of intellectual property, today announced that its IP consulting subsidiary has signed a Patent Monetization and Consulting Agreement (the "Agreement) with Vapir Enterprises, Inc., (ticker: VAPI), a patent rich company in the $3.5B vapor space. Under the Agreement, Spherix will conduct a detailed review of Vapir's patent portfolio and develop a monetization program for Vapir.
Hamid Emarlou, founder and CEO of Vapir Enterprises, Inc. stated, "Vapir Enterprises, Inc. invents, develops, and manufactures revolutionary, state-of-the-art and user-friendly vaporization devices. We believe that our scientific background may give us insight that may allow us to create a cutting-edge convection system that may be far superior to other vaporizers on the market. In utilizing our various issued and pending patents, our vaporizers extract active ingredients from source material by a unique and proprietary process, delivering high quality natural vapor for the best user experience. We have sold hundreds of thousands of units globally since its initial launch in 2006. We are excited to work with Spherix to explore the value of our intellectual property which may allow us, if market conditions allow, to better serve the interests of our stockholders."
Additional information about Vapir and its technology can be found at www.vapir.com.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "Spherix recently announced its consulting and monetization program and we are proud to have signed our first client so quickly. The speed at which we have begun to execute on this program represents our commitment to work diligently to bring value to our shareholders. The vapor industry is a rapidly growing multibillion dollar market and Vapir wisely invested the time and energy to protect its rights by patenting its science. 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.
Vapir Enterprises, Inc.'s vaporizer products are intended to integrate elite technology with sophisticated design. We believe that our scientific background may give us the insight necessary to create a cutting-edge convection system that gently massages the active compounds from any herb, flower, or essential oil into a delicious and healthy vapor cloud.
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