Spherix Announces Filing of its Annual Report on Form 10-K, Records $7.5 Million One Time Gain

NEW YORK, March 12, 2019 /PRNewswire/ -- Spherix Incorporated (NASDAQ: SPEX)- a technology development company committed to the fostering of innovative ideas, announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2018 with the Securities and Exchange Commission.

A copy of the Annual Report on Form 10-K is available to be viewed or downloaded from the Investor Relations Section of the Company's Website, here. Financial highlights include a $7.5 million one time gain for the quarter, total assets of $13.3 million, approximately 8 million shares currently outstanding and no debt. Hard copies of the Annual Report on Form 10-K are being mailed to shareholders in advance of the Annual Meeting on April 15, 2019.

"2018 proved to be a pivotal year in the growth and development of the Company. During the fourth quarter that ended December 31, 2018, we recorded a $7.5 million one-time gain due in large part to the successful integration of our recent investments," stated Anthony Hayes, CEO of Spherix.

"Going forward, we will continue to examine similar accretive acquisitions," added Hayes.

About Spherix Incorporated

Spherix Incorporated is a technology development company committed to the fostering of innovative ideas. Spherix Incorporated was formed in 1967 as a scientific research company. Our activities generally include the acquisition and development of technology through internal or external research and development. In addition, we seek to acquire existing rights to intellectual property through the acquisition of already issued patents and pending patent applications, both in the United States and abroad. We may alone, or in conjunction with others, develop products and processes associated with technology development and monetizing related intellectual property.

Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Spherix Incorporated