Achieves $1.6 Million in Revenues During the First Half of 2016; Secures Significant Deals Through New Subsidiary
CAMPBELL, CA -- (Marketwired) -- 08/15/16 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy") today provided highlights on key performance metrics for the second quarter and six months ended June 30, 2016.
Highlights for the Second Quarter of 2016 include:
- Revenue of $1.4 million.
- Launched a new technology licensing business initiative, Inventergy Innovations and signed five new partnership agreements.
- Raised $1.3 million in a registered direct offering plus raised $369,000 from all of the directors and an affiliate to drive monetization efforts and to accelerate growth for its Inventergy Innovations subsidiary.
- Announced a settlement with Sonus Networks and received payment for licensing Inventergy's IMS and VoIP patents.
- Granted 23 new patents in telecommunications and mobile broadband.
"Our results thus far in 2016 included expected revenues from completed patent monetization transactions, as well as continuing cost control measures initiated last year," CEO and Chairman Joe Beyers said. "Our financing transactions have enabled us to invest more aggressively in patent monetization efforts and we are making substantial progress with the opportunities in our pipeline."
Beyers continued, "The first half of 2016 has been a transformative period for Inventergy, as we enhanced our corporate strategy to launch a business initiative to commercialize a broader range of IP assets and innovations beyond our current telecommunications industry patent assets. This is significant for several reasons -- first this strategy allows us to reach technology commercialization in a more efficient and quicker way, and second, it diversifies our revenue opportunities with lower up-front capital and lower operating costs. In a short period of time, we have already signed three commercial agreements and two letters of intent with an additional 11 potential opportunities.
Revenues for the second quarter and six-month period ended June 30, 2016 were $1,441,000 and $1,568,000, respectively, compared to $4,184,000 and $4,351,000 in the comparable periods of 2015. Revenue for the second quarter and six-month period ended June 30, 2015 included a $4 million sale of certain patents. Net losses for the second quarter and six-month period ended June 30, 2016 were $1,968,000 and $2,460,000, respectively. In 2015, Inventergy recorded net income of $601,000 for the second quarter of 2015 and a net loss of $6,024,000 for the six months ended June 30, 2015.
Full financial details for the second quarter and six-month period ended June 30, 2016 are contained in Inventergy's Form 10-Q which was filed with the SEC today and also available on the Company's website at http://ir.inventergy.com/all-sec-filings.
About Inventergy Global, Inc.
Inventergy is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing the 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 and other technology companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy, visit www.inventergy.com.
Source: Inventergy Global, Inc.