EMPOWERING patent OWNERS, REWARDING INVENTION
Rob Fink, 646-415-8972
Sloane & Company
Joe Germani / Kristen Duarte, 212-486-9500
email@example.com / firstname.lastname@example.org
ACACIA RESEARCH REPORTS
FOURTH QUARTER AND FULL-YEAR 2018 FINANCIAL RESULTS
Company Restarts Patent Business Engine with New Engagement Opportunities;
Commences Absolute Return Capital Allocation Investment Strategy
Newport Beach, Calif. - (BUSINESS WIRE) - March 13, 2019 - Acacia Research Corporation(1) ("Acacia" or "the Company") (Nasdaq: ACTG) today reported results for the three months and year ended December 31, 2018.
“As a result of the actions that we took during the second half of 2018 to revive Acacia’s IP business, we capitalized on three time-sensitive transactions from our legacy portfolio that generated more than $44 million in revenue during the fourth quarter,” commented Director Alfred V. Tobia Jr. “The result is a short-term spike in licensing revenue that could have otherwise been lost. These transactions demonstrate the skills of our licensing team, led by our Chief IP Officer, Marc Booth, and the ongoing value and viability of our IP business. Moreover, the elimination of wasteful spending and reallocation of resources to this business has allowed us to rebuild our IP team and employ a responsible, measured strategy to identify new opportunities to partner with patent owners to realize value from their intellectual property.”
Clifford Press, Director, added, “We are advancing our strategic plan systematically. With a streamlined cost structure, and a rebuilt IP team, we are investing in our IP portfolio. Over the course of the past eight months, we have secured and evaluated all of Acacia’s corporate assets, strengthened governance, advanced efforts to streamline the organization, and have reconstituted the Board by appointing directors with relevant experience and qualifications to provide strategic guidance and independent oversight. Our next steps are to finalize our investment strategy, and build out a new leadership team, something we expect to unveil within the next quarter.”
The following information was filed by Acacia Research Corp (ACTG) on Wednesday, March 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.