TMCnet Feature
August 14, 2012

Vringo Announces Financing Close, Acquisition of Nokia Patents

By Tracey E. Schelmetic, TMCnet Contributor

Mobile applications developer Vringo (News - Alert) is announcing this week the closing of its registered direct offering, first announced earlier this month. The company has received approximately gross proceeds of approximately $31.2 million from the sale of 9.6 million shares of its common stock in the offering.



Vringo provides software platforms for mobile social and mobile video services. Mobile software platforms offered are the company’s video ringtones application, Facetones, Video ReMix and Fan Loyalty.

Vringo has undertaken this sale to pay for a major purchase: troubled Finnish cell phone giant Nokia (News - Alert) has agreed to sell to Vringo a portfolio consisting of over 500 patents and patent applications worldwide. The firm said it anticipates receiving assignments of most of the patents and patent applications over the next three months.

The bundle of patents, which covers a “broad range of technologies relating to cellular infrastructure,” was purchased from Nokia for $22 million. Thirty-one of the 120 patent families included in the deal have been declared essential to wireless communication standards; they must be licensed on a FRAND basis, according to the website AllAboutSymbian.com.

In other Vringo news this week, the company released an audio replay of its shareholder conference call that took place on August 9. The company will host a conference call today (August 14) at 5:00 p.m. EDT to discuss its financial results for the second quarter of 2012 and subsequent events.


Want to learn more about the latest in communications and technology? Then be sure to attend
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Edited by Braden Becker
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