EMPOWERING patent OWNERS, REWARDING INVENTION
Rob Fink, 646-415-8972
Sloane & Company
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ACACIA RESEARCH REPORTS
FIRST QUARTER FINANCIAL RESULTS
Company Closes First Patent Investments since 2016
Completes Reconstitution of Board with Highly Credentialed and Relevant Directors
Newport Beach, Calif. - (BUSINESS WIRE) - May 9, 2019 - Acacia Research Corporation(1) ("Acacia" or "the Company") (Nasdaq: ACTG) today reported results for the three months ended March 31, 2019.
Statements from Alfred V. Tobia Jr. and Clifford Press
“Acacia continued to execute a disciplined approach to developing its intellectual property business,” commented Clifford Press, Director. “A crucial initial step was completing the reconstitution of our Board with four highly experienced directors with significant expertise in a wide-range of intellectual property and investing disciplines. Acacia is prudently developing a pipeline of opportunities to capitalize on investments that meet our criteria and are capable of producing substantial returns. During the first quarter, the Company closed the acquisition of two patent portfolios. We have eight legacy portfolios currently active and are methodically evaluating additional opportunities to grow the overall IP portfolio.”
Al Tobia, Director, added, “With a streamlined cost structure, a strengthened board and an active licensing team in place, we are systematically advancing our IP business. As our activity to identify new investments and deploy capital has increased, so has the scale, scope and quality of our deal flow. We are evaluating an increasing number of potential investments while advancing new partnership opportunities with patent owners that we have optioned.”
Mr. Tobia added, “The existing portfolio of Acacia has a limited number of remaining licenses to be negotiated. As expected, we did not generate significant revenues in the first quarter of 2019. For the full year 2019, we continue to expect gross revenues of approximately $25 million, all from the existing portfolio.”
The following information was filed by Acacia Research Corp (ACTG) on Thursday, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.