FORM Holdings Corp.NASDAQ
Oct. 16, 2015, 9:24 AM
- Vringo (NASDAQ:VRNG) has bought a holding company (named IDG) consisting of fliCharge, a wireless charging technology developer, and Group Mobile, a maker of rugged PCs, tablets, and handheld computers. The company is issuing preferred stock convertible into common shares equal to 11.4% of the combined company's equity.
- fliCharge's technology enables the simultaneous charging of multiple devices on the same pad regardless of position or power needs. Vringo asserts fliCharge is "commercializing, partnering or developing products in numerous markets including automotive, education, office, healthcare, power tools and vaporizers." Group Mobile's customers include enterprises, military suppliers, small businesses, and individuals.
- Vringo CEO Andrew Perlman: "Our existing patent licensing and litigation strategy remains intact and on track. We believe this acquisition offers diversification to our shareholders and additional licensing opportunities." The move comes shortly after the Supreme Court declined to review an adverse appeals court ruling regarding Vringo's suit against Google.
- Vringo has risen to $0.50 premarket.
- Update: More details on the acquisitions can be found in a Vringo presentation (.pdf). IDG had 2014 revenue of $7M+. fliCharge's charging pads are said to be "offered in various Ford, Chrysler, and Toyota models" through a partnership with an unnamed tier-1 auto supplier. A partnership also exists with "smart furniture solutions" maker Bretford. (hat tip: SA commenter Seppo Sahrakorpi). Vringo has pared its gains: Shares are now up 7.7%.
Jan. 2, 2014, 8:44 AM
- Vringo (VRNG) will receive about an 8% equity stake in Infomedia in exchange for its mobile technology business. Additionally, CEO Andrew Perlman will join the Infomedia board.
- Perlman: "We believe this transaction with Infomedia unlocks additional value ... 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."
- Shares +4.4% premarket
Mar. 14, 2012, 8:59 AM