viewVringo, Inc.

Vringo inks merger deal with Innovate/Protect


Smartphone ringtone maker Vringo (AMEX:VRNG) Wednesday reached a definitive agreement to merge with private patents firm

Wednesday afternoon Vringo shares were up 10 percent to $1.82.

The full value of the proposed deal was not disclosed.

Innovate/Protect is the owner of patent assets purchased from Lycos, one of the largest search engine websites of its kind in the 1990s, with technologies that remain critical to current search platforms.

As part of the merger, Vringo will issue nearly 16.97 million common shares in exchange for all of the issued and outstanding shares of Innovate/Protect and 6,968 shares of a newly-created preferred stock in exchange for all of the issued and outstanding shares of preferred stock of Innovate/Protect - effectively a reverse takeover.

The transaction may close in the second quarter.

Vringo announced that Andrew Perlman, its president, has been named chief executive, replacing Jonathan Medved who is stepping down.

Innovate/Protect's chief executive officer and chief technology officer, Andrew K. Lang, will join Vringo as president and chief technology officer.

Vringo chief executive officer Andrew Perlman said: "The transaction with Innovate/Protect is a significant milestone as we continue to fulfill our stated strategic objectives, and serves as an important catalyst for Vringo's future growth. Combining with Innovate/Protect significantly enhances our creative and innovative capabilities."

Through the strategic combination, Vringo said it would substantially increase its intellectual property portfolio, add significant talent in technological innovation, and be positioned to enhance its opportunities for revenue generation through the monetization of the combined company's assets.

Quick facts: Vringo, Inc.

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