Company reports revenues of $1.8 million and decrease in operating expenses of 22%
CAMPBELL, CA -- (Marketwired) -- 03/31/17 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy") today reported financial and operational highlights for the year ended December 31, 2016.
Highlights for the full year 2016:
- Revenue of $1,774,519 for the year ended December 31, 2016, compared to $4,888,302 for the year ended December 31, 2015 (2015's revenue included a $4 million one-time patent sale transaction).
- Operating expenses for the twelve months ended December 31, 2016 were $7,990,1810, a 22% decrease compared to $10,207,341 for the same period in the prior year. The decrease was primarily a result of cost containment and prudent oversight of operational expenses including consulting fees, legal fees, business travel, and other general expenses.
- A 34% decrease in net loss to $7,730,235 for the twelve months ended December 31, 2016 compared to a net loss of $11,733,549 for the same period in the prior year.
Inventergy's Chief Executive Officer Joe Beyers commented, "2016 was a transitional year for the Company as we made strategic initiatives to position our business for long-term growth. We established Inventergy Innovations as the cornerstone of our new model going forward, and entered into seven agreements with technology partners looking to tap into our unique IP monetization investment network. Also in 2016, we signed a restructuring agreement with DBD Credit Funding, LLC ("DBD"), setting the stage for a substantially debt-free balance sheet. Under this agreement, we are contributing our portfolio of 740 telecommunications patents to a special purpose entity, called INVT SPE LLC, which will be managed and controlled by DBD and from which Inventergy will share in residual patent monetization revenues, after contractual and priority payments as called for under the agreement. We are excited by what the future holds and will continue working diligently to advance our strategic roadmap and drive value for our shareholders."
For full details about Inventergy's financial results as contained in the Company's Form 10-K filed with the SEC, please see: https://www.sec.gov/Archives/edgar/data/1084752/000114420417018214/v462089_10k.htm
About Inventergy Global, Inc.
Inventergy Global, Inc. (NASDAQ: INVT) 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 in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy Global, visit www.inventergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. These statements may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek" and similar expressions and include any projections or estimates set forth herein. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Inventergy and our management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Source: Inventergy Global, Inc.