Spherix (SPEX) Announces Resignation of Two Directors

October 31, 2016 8:38 AM EDT

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Spherix Incorporated (Nasdaq: SPEX) announced that two of the Company's Directors, Jeffrey Ballabon and Howard E. Goldberg, have stepped down from the Spherix Board, effective immediately. Both Mr. Ballabon and Mr. Goldberg resigned amicably and expressed no disagreements on any of the Company's principles or practices.

Anthony Hayes, Chief Executive Officer of Spherix, stated, "Spherix would like to thank Jeff and Howard for their service and contributions as Board members. We wish Jeff and Howard the best of luck and success in their future endeavors. The reduction in the size of our Board will reduce costs and streamline our operations to increase shareholder value. The Board of our Company is now appropriately sized to match our current needs. With costs declining, multiple monetization streams in place and more than $7 million in unencumbered cash, we remain committed to delivering meaningful value to our shareholders."



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