NEW YORK, May 7, 2018 /PRNewswire/ -- Spherix Inc. (NASDAQ:
SPEX) ("Spherix" or the "Company"), today announced that the
Company has negotiated amended terms of the pending acquisition of
DatChat Inc., an encrypted personal privacy platform, focused on
encrypted communication, internet privacy and digital rights
management.
The Company's Board of Directors determined there were material
changes in the Company's operations since the date the original
merger agreement was executed. Since then, the Company has
retained a computer programmer and a developer to help advance
DatChat and that assistance is already being provided by
Spherix. The Company has also purchased additional Etherium
mining equipment to support DatChat's efforts. Moreover, the
Company now has approximately $5.2
million in cash to fund operations and further support
DatChat's development.
In addition to the above, the Company is pleased to announce
that Mr. Greg Blattner has agreed to
join the Spherix Board of Directions. Mr. Blattner is the
Business Development Manager at Agio. Agio (www.agio.com) is
a Managed IT and Cybersecurity Services Provider that focuses on
servicing finance companies. Mr. Blattner's addition is a
tremendous value to the Company, as his current company has
designed, developed and commercialized cyber security services and
products. Mr. Blattner's skill set, which also includes
working with developers and programmers, will help guide Spherix
towards the monetization of DatChat.
Anthony Hayes, CEO of Spherix,
stated, "Today's announcement represents a substantial reduction in
the price paid for DatChat and 11,538,479 shares in reduced
dilution to our shareholders. We have already developed a strong
partnership with DatChat and we thank them for agreeing to this
amendment. We look forward to working together to grow this
great technology. In addition, we are very pleased that Mr.
Greg Blattner has agreed to join our
Board of Directors. Mr. Blattner's experience provides the
knowledge and experience to build and commercialize a cyber
security product.
Closing of the transaction is subject to usual and customary
conditions for a transaction of this nature, including shareholder
approval.
About Spherix
Spherix Incorporated was launched in
1967 as a scientific research company. Spherix is committed to
advancing innovation by participation in the development of new
technology.
Forward-Looking Statements
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 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.
Contact:
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Investor
Relations:
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Hayden IR
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Brett Maas, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone:
212-745-1373
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Email:
investorrelations@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated