NEW YORK - January 2, 2013 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation, development and monetization of intellectual property and mobile technologies, today announced that it has entered into a definitive agreement with Infomedia Services Ltd. pursuant to which Infomedia will acquire Vringo's mobile partnerships, application business, and a portfolio of internally developed patents related to those technologies.
Infomedia is a leading provider of customer relationship management and monetization technologies to mobile carriers and device manufacturers. By combining Vringo's research and development center with its existing operations, Infomedia will be positioned to create a more integrated global product offering for delivery into carriers, OEMs, and enterprise partnerships.
Under the terms of the agreement, Infomedia will acquire Vringo's mobile technology business in exchange for an equity stake equal to approximately 8% of Infomedia. Vringo will license certain intellectual property assets and support Infomedia to identify and protect new intellectual property. In addition, Andrew D. Perlman, Chief Executive Officer of Vringo, will join Infomedia's Board of Directors. The transaction is expected to close upon the satisfaction or waiver of certain closing conditions which are anticipated to be completed by March 31, 2014.
"We believe this transaction with Infomedia unlocks additional value," said Mr. Perlman. "Under Michael's leadership, Infomedia has achieved consistent high growth and we believe that combining our global distribution platform and research and development platform with Infomedia's product offerings and services will create a valuable synergy. Vringo looks forward to being an equity owner of Infomedia and working closely with the company as it continues to grow."
Infomedia generated revenues of approximately US $20 million in 2013. Infomedia's 35 member team is located in the United Kingdom and currently has partnerships with content publishers including Gameloft and EA Games; mobile carriers including EE, Orange, T-Mobile and Virgin Mobile; and embedded products on major mobile device manufactures including Samsung, HTC, Sony and Alcatel. In the last year, Infomedia has managed over 750 million mobile engagements, 300 million portal sessions, 75 million billing transactions and over 5 million downloads.
"The team at Infomedia is excited to add Vringo's technology, product offering and research and development knowledge base to our business," said Michael Tomlins, Chief Executive Officer of Infomedia. "This acquisition will accelerate our growth by providing Infomedia with a global distribution network for our expanded product portfolio. Our partnership with Vringo will enrich our ability to cultivate and protect new technology by leveraging Vringo's intellectual property rights expertise. We are also pleased to welcome Andrew to our Board of Directors, where his experience and expertise will be a valuable asset in shaping the future direction of the company."
About Vringo, Inc.
Vringo, Inc. is engaged in the innovation, development and monetization of intellectual property and mobile technologies. Vringo`s intellectual property portfolio consists of over 500 patents and patent applications covering telecom infrastructure, internet search, and mobile technologies. The patents and patent applications have been developed internally, and acquired from third parties. For more information, visit: www.vringo.com.
About Infomedia Services Ltd.
Infomedia is a leading provider of Customer Relationship Management and monetization technologies to mobile carriers and device manufacturers. By combining Vringo's research and development center with its existing operation, Infomedia will be positioned strongly to create a more integrated global product offering for delivery into major carriers, OEMs, and enterprise partnerships. For more information, visit: www.infomedia.co.uk.
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 online search firms and other companies; 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; 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; 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 21, 2013. 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:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein@vringoinc.com
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Source: Vringo, Inc. via Globenewswire
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