Du är här

2016-01-19

Vringo, Inc.: VRINGO PROVIDES JANUARY 2016 CORPORATE UPDATE

NEW YORK - January 19, 2016 - Vringo, Inc. (NASDAQ: VRNG), a company engaged
in the innovation, development and monetization of intellectual property as
well as the commercialization and distribution of wire-free power and rugged
computing devices, today provided a corporate update and business outlook for
2016.

"Vringo is currently positioned to drive shareholder value across our
Intellectual Property, Group Mobile and Fli Charge business units. We
believe that the recent acquisition of IDG, a holding company consisting of
Fli Charge and Group Mobile, will yield high growth as we continue to
increase our commercialization efforts. Vringo's healthy cash balance and
capitalization structure provide the company with the flexibility to pursue
additional growth opportunities," said Andrew Perlman, Chief Executive
Officer of Vringo.

Fli Charge

"Since acquiring Fli Charge our team has worked tirelessly to achieve a number
of significant milestones. In less than three months we have designed a new
product line, strengthened the relationships with existing partners and
advanced discussions with new partners; all as we seek to commercialize our
technology and build a robust eco-system of wire-free power in the first half
of 2016," said Cliff Weinstein, President of Fli Charge.

"We were excited to participate in CES this past month and are very pleased
with the overwhelmingly positive reception we received. Our team's efforts
to demonstrate the advantages of Fli Charge's technology should produce
significant traction in the near term and we look forward to announcing new
partnerships and products in the first half of 2016. Fli Charge is truly
unique in the wire-free power space and is the only solution that can deliver
up to 150 watts of power to multiple devices efficiently, simultaneously,
regardless of where the devices are placed on the power pads or surfaces. In
conjunction with our partners, Fli Charge's wire-free power technology is
already being incorporated into products in the education, furniture,
automotive, hospitality and vaporizer markets and we anticipate collaborating
with partners on additional mobile devices, power tools, auxiliary power
solutions and other consumer products shortly," Mr. Weinstein concluded.

Recent Developments at Fli Charge

* Acquired the remaining 30% of Fli Charge on December 28, 2016
* Partnered with MITO Corporation to commercialize aftermarket automotive
power and charging solutions
* Extended and expanded our license agreement with Bretford Manufacturing, a
leading designer and manufacturer of smart furniture
* Introduced ReVive, a 36 watt wire-free power solution for the automotive
and transportation markets
* Received two Global Media Awards for ReVive at SEMA, a premier automotive
specialty products trade event

Group Mobile

"Group Mobile provides a unique opportunity in the rugged computing
distribution space. We feel that the company is positioned to achieve
accelerated growth by expanding our sales team and network, increasing our
product offering, and making system level enhancements. In roughly 90 days
time, we have added Sonim Technologies' line of rugged smartphones and
accessories to our product offering, cultivated strategic relationships with
partners in the government sales sector, began designing and implementing a
new website, and expanded our sales team with the hire of an eastern region
sales manager as well as two new inside sales representatives. These efforts
are already yielding positive results," said Stephanie Kreitner, Executive
Vice President of Group Mobile.

"Our goal, simply put, is to be the best partner and provider of rugged
computing devices, systems and associated products that address our
customers' needs. We aim to carry products that can fully outfit police,
military, government, and corporate organizations with a core focus on large
recurring customers. We will continue to increase our sales staff, expand
our geographic coverage and opportunistically look for acquisitions,"
concluded Ms. Kreitner.

Recent Developments at Group Mobile

* Partnered with Xplore Technologies to land a large blanket purchase order
consisting of 200 Motion by Xplore rugged tablets per year over a
three-year sales agreement with a market leader in sensor-assisted surgery
* Became the first non-carrier distribution partner of Sonim Ultra Rugged LTE
Phones
* Expanded our sales team, with the addition of an industry veteran, Doug
Carter, as the Eastern Region Sales Manager.

Intellectual Property

"Vringo is committed to further monetizing our portfolio of intellectual
property assets. We seek to obtain fair, reasonable, and non-discriminatory
(FRAND) licenses to our standard essential patents. While we are more than
willing to aggressively pursue our legal rights, Vringo is very pleased to be
in discussions with several parties in an effort to achieve mutually
agreeable license terms," said David Cohen, Vringo's Chief Legal and
Intellectual Property Officer.

"We are continuing to unlock the value of our patent portfolio, which contains
a number of proven assets, including one of only two standard essential
telecommunication infrastructure patents ever found valid and infringed in
the United Kingdom. The addressable market for our portfolio captures not
only traditional wireless infrastructure equipment, but also cutting edge
small cell infrastructure technology. Small cells are forecast to become a $6
billion market by 2019," continued Mr. Cohen.

Financial Update

* Vringo had approximately $27 million in current cash and court deposits as
of December 31, 2015. We expect to redeem the court deposits during the
first quarter of 2016
* As of the end of 2015 we reduced our accounts payable and contingent
liabilities by approximately 60%, resulting in a significantly improved
balance sheet
* Our outstanding debt is currently $3.6 million which is expected to be
fully paid off by no later than July 2016
* Based on our anticipated cash burn, we believe that our cash position will
sufficiently fund over 4 years of operations, assuming zero increase in
revenues from the recently acquired businesses and no further monetization
of our patent portfolio

About Vringo, Inc.

Vringo, Inc. is engaged in the innovation, development and monetization of
intellectual property as well as the commercialization and distribution of
wire-free power and rugged computing devices. Vringo's intellectual property
portfolio consists of over 600 patents and patent applications covering
telecom infrastructure, internet search, ad-insertion, mobile and wire-free
charging technologies. Vringo's subsidiary Fli Charge is dedicated to the
licensing and commercialization of wire-free power technologies. Vringo's
subsidiary Group Mobile is dedicated to the marketing and sale of rugged
computing devices. For more information, visit:www.vringo.com.

Forward-Looking Statements

This press release includes forward-looking statements, which may be
identified by words such as "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future," "continue,"
or the negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical facts.
Such forward-looking statements are subject to risks and uncertainties, which
could cause actual results to differ materially from the forward-looking
statements contained herein. Factors that could cause actual results to
differ materially include, but are not limited to: our inability to license
and monetize our patents, including the outcome of the litigation against ZTE
and other companies; our inability to recognize the anticipated benefits of
the acquisition of IDG, which may be affected by, among other things,
competition, our ability to secure advantageous licensing and sales
agreements, market acceptance of IDG's technology, potential technology
obsolescence, protection of intellectual property rights and potential
liability risks that are inherent in the marketing and sale of products used
by consumers; our inability to monetize and recoup our investment with
respect to patent assets that we acquire; our inability to develop and
introduce new products and/or develop new intellectual property; our
inability to protect our intellectual property rights; new legislation,
regulations or court rulings related to enforcing patents, that could harm
our business and operating results; unexpected trends in the mobile phone and
telecom infrastructure industries; our inability to raise additional capital
to fund our combined operations and business plan; our inability to maintain
the listing of our securities on a major securities exchange; the potential
lack of market acceptance of our products; potential competition from other
providers and products; our inability to retain key members of our management
team; the future success of Infomedia and our ability to receive value from
its stock; our ability to continue as a going concern; our liquidity and
other risks and uncertainties and other factors discussed from time to time
in our filings with the Securities and Exchange Commission ("SEC"), including
our annual report on Form 10-K filed with the SEC on March 16, 2015. Vringo
expressly disclaims any obligation to publicly update any forward-looking
statements contained herein, whether as a result of new information, future
events or otherwise, except as required by law.

Contacts

Investors and Media:

212.309.7549
info@vringoinc.com

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vringo, Inc. via Globenewswire

HUG#1979910

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.