Vringo (VRNG) Posts Q1 Results; Will Change Name to FORM Holdings, Ticker to 'FH'

Vringo (NASDAQ: VRNG) announced operating results for the quarter ended March 31, 2016 in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, provided an update on its ongoing business operations and announced that it will change its corporate name to FORM Holdings Corp., formalizing the Company's transformation into a diversified holding company.

The name change was approved by the Company's board of directors on April 12, 2016 and will be effective May 6, 2016 at 5:00 p.m., Eastern Time. To reflect the change, the Company has also chosen to modify its NASDAQ ticker symbol. FORM Holdings will trade on the NASDAQ under the new ticker symbol "FH" upon the opening of market trading on May 9, 2016.

"Our company has transformed over the past year with the acquisitions of Group Mobile and FLI Charge" said Andrew D. Perlman, Chief Executive Officer of the Company. "The name FORM Holdings marks our evolution into a platform for identifying, investing in and developing businesses with potential growth characteristics. We believe that the name change will help further establish our identity as a diversified holding company and distinguish our parent company from our operating businesses."

Operating Results for the Quarter Ended March 31, 2016 and Subsequent Events

• As of May 5, 2016, we had approximately $30.0 million of cash and accounts receivable, including $20.5 million of cash and $9.5 million of accounts receivable. As of March 31, 2016, we had $22.4 million of cash, court deposits and accounts receivable, including $20.6 million of cash, $0.8 million of court deposits and $1.0 million of accounts receivable, both of which were subsequently collected.
  
• We generated total revenue of $2.0 million and $0.2 million for the quarters ended March 31, 2016 and March 31, 2015, respectively. We expect our revenue to increase significantly during 2016 as we continue to grow Group Mobile and FLI Charge.
  
• During the quarter ended March 31, 2016, our average monthly cash used in operating activities was approximately $1.8 million, $5.4 million total for the quarter, which included approximately $3.0 million for litigation related activities that have since been withdrawn or dismissed, compared to approximately $1.2 million of monthly cash used during the quarter ended March 31, 2015.
  
• Net operating loss was approximately $3.6 million (including non-cash expenses) for the quarter ended March 31, 2016 compared to $6.8 million for the quarter ended March 31, 2015. The non-cash expenses, which primarily relate to share based compensation and amortization of patents, technology, and trade names were $1.3 million and $2.9 million for the quarters ended March 31, 2016 and March 31, 2015, respectively. Excluding non-cash expenses, the net operating loss was $2.3 million for the quarter ended March 31, 2016.
  
• On a per share basis, our total net loss was $0.28 per basic and diluted share for the quarter ended March 31, 2016, compared to a net loss of $0.75 per basic and diluted share for the quarter ended March 31, 2015.

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