Spherix Incorporated (Nasdaq: SPEX) an intellectual property development company committed to the fostering of technology and monetization of intellectual property, today announced that its IP consulting subsidiary has signed a Patent Monetization and Consulting Agreement (the "Agreement) with a vapor enterprise, a patent rich company in the $3.5B vapor space. Under the Agreement, Spherix will conduct a detailed review of their patent portfolio and develop a monetization program for them.
Hamid Emarlou, founder and CEO of the enterprise stated, "The company invents, develops, and manufactures revolutionary, state-of-the-art and user-friendly vaporization devices. We believe that our scientific background may give us insight that may allow us to create a cutting-edge convection system that may be far superior to other vaporizers on the market. In utilizing our various issued and pending patents, our vaporizers extract active ingredients from source material by a unique and proprietary process, delivering high quality natural vapor for the best user experience.
We have sold hundreds of thousands of units globally since its initial launch in 2006. We are excited to work with Spherix to explore the value of our intellectual property which may allow us, if market conditions allow, to better serve the interests of our stockholders."
Anthony Hayes, Chief Executive Officer of Spherix, stated, "Spherix recently announced its consulting and monetization program and we are proud to have signed our first client so quickly. The speed at which we have begun to execute on this program represents our commitment to work diligently to bring value to our shareholders.
The vapor industry is a rapidly growing multibillion dollar market and the company wisely invested the time and energy to protect its rights by patenting its science. We look forward to investigating their portfolio and helping them achieve value."
About Spherix
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.
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