CAMPBELL, CA -- (Marketwired) -- 01/25/16 -- Inventergy Global, Inc., a Silicon Valley intellectual property company (NASDAQ: INVT) ("Inventergy" or the "Company"), today announced that it received a letter, dated January 19, 2016, from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ") notifying the Company it had been granted an extension until May 15, 2016 to regain compliance with the minimum stockholders' equity requirement for continued listing set forth in NASDAQ Listing Rule 5550(b)(1) (the "Rule").
On December 31, 2015, Inventergy submitted a plan of compliance to NASDAQ outlining its plan for regaining compliance with the Rule in a timely manner. As part of its plan of compliance, Inventergy recently announced the amendment of one of its patent purchase agreements allowing the Company to significantly strengthen its balance sheet by reducing $17.3 million in liabilities, including the elimination of $1 million in accrued interest expense and the avoidance of $120,000 per month in future interest expense. In addition, Inventergy announced last week that it had entered into a definitive agreement with institutional investors for the private placement of shares of convertible preferred stock and warrants to purchase shares of common stock for gross proceeds of $2.5 million. The Company estimates that its stockholders' equity will increase by approximately $2.2 million as a result of the private placement. The Company believes that the positive results from the foregoing events, combined with its future patent monetization efforts, will significantly improve its stockholders' equity and enable it to regain compliance with the Rule by May 15, 2016.
About Inventergy Global, Inc.
Inventergy Global, Inc. ("Inventergy") is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements, estimates, forecasts and projections with respect to future performance and events, which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent and belief or current expectations of the Company and its affiliates and subsidiaries and their respective management teams. Forward-looking statements are not statements of historical fact and often contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "should," "seek" and similar expressions. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the risk factors set forth from time to time in our filings with the Securities and Exchange Commission. These risks could cause actual results to differ materially from those expressed or implied in the forward-looking statements. We make forward-looking statements based on currently available information, and we assume no obligation to, and expressly disclaim any obligation to, update or revise publicly any forward-looking statements made in this release, whether as a result of new information, future events or otherwise, except as required by law.
For more information about Inventergy, visit www.inventergy.com.
Source: Inventergy Global, Inc.