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Roland Rick Perry
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Roland Rick Perry is the Managing Director of Institutional Analyst Inc. (IA), an independent investment research and investor relations firm, as well as editor of nine industry specific investment reviews. One of the best one mile runners to come out of the Chicago area, he attended Southern... More
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Internet Stock Review
  • Spherix Completes $500,000 Financing, Posts IR Presentation. 0 comments
    Jul 1, 2013 3:18 PM | about stocks: SPEX

    (click to enlarge)

    TYSONS CORNER, VA--(Marketwired - Jul 1, 2013) - Spherix Incorporated (NASDAQ: SPEX) an intellectual property development and life sciences company, today announced that an investor has privately purchased 100,000 shares at $5.00 per share. The shares of Spherix Series E Convertible Preferred Stock sold are convertible into common stock on a share for share basis. Total proceeds to the company was $500,000.

    "Spherix intends to use the proceeds for general working capital and expenses leading up to the acquisition of important patents that will advance the company's plan to acquire patent protected intellectual property to develop and license," said Harvey Kesner, Spherix' CEO. "Spherix is working to complete acquisitions expected to add hundreds of valuable patents under our ownership which include wireless communications, antennae technology and pharmaceutical distribution patents. We recently signed a further letter of intent with a major private patent ownership collaboration covering additional areas of telephony and telecommunications technology which we expect to close in the third quarter," continued Mr. Kesner.

    Spherix previously announced an agreement to acquire 222 patents from North South Holdings, Inc. principally developed by inventors at Harris Corp., a 118 year old pioneer in wireless communications and equipment and a $6 billion defense contractor. The Harris portfolio has applicability in law enforcement communications, military and homeland security, satellite communications, portable electronics, Wi-Fi, microwave and cellular transmission, and solar concentrator technologies. Additional North South patents cover automated pharmacy ordering practices. The closing of the North South transaction is awaiting regulatory approval which is expected within 60 days.

    IR Presentation posted on 8K.

    Stocks: SPEX
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