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ParkerVision Reports Second Quarter 2019 Results; Touts Litigation Financing of its IP Claims for Reduction in Operating Costs

ParkerVision Reports Second Quarter 2019 Results; Touts Litigation Financing of its IP Claims for Reduction in Operating Costs

JACKSONVILLE, FL / ACCESSWIRE / August 14, 2019 / ParkerVision, Inc. (PRKR), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2019.

Second Quarter 2019 Summary and Recent Developments

  • Louis Freeh and Freeh Sporkin & Sullivan LLP joined the ParkerVision litigation team in June 2019.
    • Freeh, former federal judge and FBI Director, has been admitted as the Company’s counsel alongside Mintz Levin and Mckool Smith in the Company’s two district court patent infringement cases in Florida.
  • The District Court in the Middle District of Florida (Jacksonville division) issued an order denying Apple’s motion for summary judgment in the pending patent litigation against Qualcomm and Apple and also issued its claim construction (Markman) order, in which the Court adopted the Company’s proposed construction for two terms and the “plain and ordinary meaning” on the remaining terms.
    • A case management schedule has been submitted to the court with a proposed trial date in August 2020.
  • The District Court for the Middle District of Florida (Orlando division) granted the Company’s proposed selection of patent claims from four asserted patents and denied Qualcomm’s request to limit the claims and patents, including claims that survived Qualcomm’s validity challenges through Inter Partes Review (“IPR”).
    • The court also agreed that the Company may elect to pursue accused products that were at issue at the time the case was stayed, as well as new products that were released by Qualcomm during the pendency of the stay.
    • A case management schedule has been submitted to the court with a proposed trial date in December 2020.
  • The Company has withdrawn its pursuit of appellate actions in Germany.
    • The Company declined to appeal the April 2019 decision by the District Court of Munich Germany that Apple does not infringe the Company’s German ‘853 patent.
    • The Company recently withdrew its appeal of the October 2018 decision by the Federal Patent Court in Munich that ruled the Company’s German ‘831 patent is invalid.

Second Quarter and First Half Financial Results

  • Net loss for the second quarter of 2019 was $1.6 million, or $0.05 per common share, compared to a $4.5 million net loss, or $0.18 per common share, for the second quarter of 2018.
  • Net loss for the first half of 2019 was $3.7 million, or $0.12 per common share, compared to an $8.8 million net loss, or $0.39 per common share, for the first half of 2018.
  • Cash used for operations decreased approximately 68% in the second quarter of 2019 compared to the same period in 2018 as a result of the Company’s cost reduction measures.
  • The Company sold $1.64 million in five-year, 8% convertible notes during the first half of 2019. Of this amount, $1.3 million have a fixed conversion price of $0.25 per share and $0.34 million have a fixed conversion price of $0.10 per share. The majority of the proceeds were used to finance operations, with $0.15 million used for retention payments to legal counsel engaged to assist in a wide range of litigation related activities.

Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are pleased with the recent decisions from the two district courts in Florida and are looking forward to having trial dates set in both of those cases. Our decisions to abandon our appellate actions in Germany were made based on the lengthy timeframe that this process requires, and our belief that the best return for our shareholders and the fairest compensation for the unauthorized use of our technologies can be achieved by focusing our resources on the two U.S. district court actions.”

Mr. Parker continued, “We have significantly reduced operating costs over the past year, and we believe those reductions, paired with additional litigation financing for the completion of our cases in Florida, will enable us to see these cases through to conclusion. Our longer-term goal is to rebuild ParkerVision’s innovative culture and to continue to bring new solutions to the challenges of a wireless world.”

About ParkerVision

ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies which enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com. (PRKR-I)

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s SEC reports, including the Form 10-K for the year ended December 31, 2018 and the Forms 10-Q for the quarters ended March 31 and June 30, 2019. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Contact: Cindy Poehlman Chief Financial Officer ParkerVision, Inc. 904-732-6100 cpoehlman@parkervision.com

ParkerVision, Inc. Balance Sheet Highlights

(in thousands)
(unaudited)
June 30, 2019
December 31, 2018
Cash and cash equivalents$63$1,527
Prepaid expenses637538
Accounts receivable and other current assets51122
Finished goods inventories5898
Property and equipment, net96129
Operating lease right-of-use assets364
Intangible assets & other3,3573,917
Total assets4,6266,331
Accounts payable and other accrued expenses2,8101,833
Operating lease liabilities, current portion26486
Notes payable, current portion1,9332,437
Long-term liabilities28,30527,285
Shareholders’ deficit(28,686)(25,310)
Total liabilities and shareholders’ deficit$4,626$6,331

ParkerVision, Inc. Summary of Results of Operations (unaudited)

Three Months EndedSix Months Ended
(in thousands, except per share amounts)June 30,June 30,
2019201820192018
Product revenue$25$38$35$115
Cost of sales(25)(31)(35)(84)
Write down of obsolete inventory(42)(42)
Gross margin(35)(11)
Research and development expenses1,0013341,875
Selling, general and administrative expenses1,8512,9024,0075,879
Total operating expenses1,8513,9034,3417,754
Interest and other income (expense)(76)(18)(138)(32)
Change in fair value of contingent payment obligation365(538)823(987)
Total interest and other289(556)685(1,019)
Net loss$(1,562)$(4,494)$(3,656)$(8,784)
Basic and diluted net loss per common share$(0.05)$(0.18)$(0.12)$(0.39)
Weighted average shares outstanding30,88824,56430,04222,672

ParkerVision, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)

Three Months EndedSix Months Ended
(in thousands)June 30,June 30,
2019201820192018
Net cash used in operating activities$(877)$(2,775)$(2,550)$(6,126)
Net cash provided by (used in) investing activities2617
Net cash provided by (used in) financing activities5652,6021,0804,854
Net decrease in cash and cash equivalents(312)(171)(1,464)(1,255)
Cash and cash equivalents – beginning of period3752701,5271,354
Cash and cash equivalents – end of period$63$99$63$99

SOURCE: ParkerVision, Inc.

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Burford Issues YPF Litigation Update Ahead of Pivotal Appeal Hearing

By John Freund |

Burford Capital has released a detailed investor update ahead of a key appellate hearing in its high-profile litigation against Argentina over the renationalization of YPF.

According to Burford’s press release, oral arguments in the consolidated appeal—referred to as the “Main Appeal”—are scheduled for October 29, 2025, before the US Court of Appeals for the Second Circuit. The hearing will address Argentina’s challenge to a $16 billion judgment issued in 2023, as well as cross-appeals concerning the dismissal of YPF as a defendant. The release outlines the appellate process and timelines in granular detail, noting that a ruling could come months—or even a year—after the hearing, with additional delays possible if rehearing or Supreme Court review is pursued.

Burford also clarified the distinction between the Main Appeal and a separate appeal involving a turnover order directing Argentina to deliver YPF shares to satisfy the judgment. That order has been stayed pending resolution, with briefing set to conclude by December 12, 2025. Meanwhile, discovery enforcement is proceeding in the District Court, where Argentina has been ordered to produce documents—including internal and “off-channel” communications—amid accusations of delay tactics.

International enforcement efforts continue in at least eight jurisdictions, including the UK, France, and Brazil, where Argentina is contesting recognition of the US judgment.

The update serves both as a procedural roadmap and a cautionary note: Burford stresses the unpredictable nature of sovereign litigation and acknowledges the possibility of substantial delays, setbacks, or settlements at reduced values.

The Alliance for Responsible Consumer Legal Funding Applauds Governor Newsom for Signing AB 931

By John Freund |

The Alliance for Responsible Consumer Legal Funding Applauds Governor Newsom for Signing AB 931, the California Consumer Legal Funding Act

The Alliance for Responsible Consumer Legal Funding (ARC) expressed its deep appreciation to Governor Gavin Newsom for signing Assembly Bill 931 -- The California Consumer Legal Funding Act -- into law. Authored by Assemblymember Ash Kalra (D–San Jose, 25th District), this landmark legislation establishes thoughtful and comprehensive regulation of Consumer Legal Funding in California—ensuring consumer protection, transparency, and access to financial stability while legal claims move through the judicial process.

The law, which takes effect January 1, 2026, provides consumers with much-needed financial support during the often lengthy resolution of their legal claims, helping them cover essential living expenses such as rent, mortgage payments, and utilities.

“This legislation represents a major step forward for California consumers,” said Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding. “AB 931 strikes the right balance between protecting consumers and preserving access to a financial product that helps individuals stay afloat while they await justice. Consumer Legal Funding truly is about funding lives, not litigation.”
Key Consumer Protections Under AB 931

The California Consumer Legal Funding Act includes robust safeguards that prohibit funding companies from engaging in improper practices and mandate full transparency for consumers.

The Act Prohibits Consumer Legal Funding Companies from:

• Offering or colluding to provide funding as an inducement for a consumer to terminate their attorney and hire another.
• Colluding with or assisting an attorney in bringing fabricated or bad-faith claims.
• Paying or offering referral fees, commissions, or other forms of compensation to attorneys or law firms for consumer referrals.
• Accepting referral fees or other compensation from attorneys or law firms.
• Exercising any control or influence over the conduct or resolution of a legal claim.
• Referring consumers to specific attorneys or law firms (except via a bar association referral service).

The Act Requires Consumer Legal Funding Companies to:

• Provide clear, written contracts stating:
• The amount of funds provided to the consumer.
• A full itemization of any one-time charges.
• The maximum total amount remaining, including all fees and charges.
• A clear explanation of how and when charges accrue.
• A payment schedule showing all amounts due every 180 days, ensuring consumers understand their maximum financial obligation from the outset.
• Offer consumers a five-business-day right to cancel without penalty.
• Maintain no role in deciding whether, when, or for how much a legal claim is settled.

With AB 931, California joins a growing list of states that have enacted clear and fair regulation recognizing Consumer Legal Funding as a non-recourse, consumer-centered financial service—distinct from litigation financing and designed to help individuals meet their household needs while pursuing justice.

“We commend Assemblymember Kalra for his leadership and Governor Newsom for signing this important legislation,” said Schuller. “This act ensures that Californians who need temporary financial relief during their legal journey can do so safely, transparently, and responsibly.”

About the Alliance for Responsible Consumer Legal Funding (ARC)

The Alliance for Responsible Consumer Legal Funding (ARC) is a national association representing companies that provide Consumer Legal Funding, non-recourse financial assistance that helps consumers meet essential expenses while awaiting the resolution of a legal claim. ARC advocates for fair regulation, transparency, and consumer choice across the United States.

Harris Pogust Joins Bryant Park Capital as Senior Advisor

By John Freund |

Bryant Park Capital (“BPC”) a leading middle market investment bank and market leader in the litigation finance sector, is pleased to announce that Harris Pogust has joined the firm as a Senior Advisor.  Harris (Mr. Pogust) is one of the best known and prominent attorneys in the mass tort and class action fields, he was the founding partner and Chairman of Pogust Goodhead worldwide until early 2024 and is currently working with Trial Lawyers for a Better Tomorrow, a charity Harris founded, to help children reach their educational potential all over the world.  Harris’ life work has been to deliver justice for those who have been damaged or injured through the negligence or bad faith of others.

“We are thrilled to have Harris as part of our team.  His knowledge, experience and relationships in the litigation finance sector are of great value to Bryant Park and our clients.  As the litigation finance world becomes more competitive, complex and challenging, having an expert like Harris on our team is invaluable,” said Joel Magerman, Managing Partner of Bryant Park.

Harris’ efforts, in conjunction with Bryant Park will focus on assisting law firms and funders in developing strategies to more efficiently fund their operations and cases and assist them in establishing the right relationships for future growth.  Harris commented, “I have been fortunate to have been a practicing attorney and partner in law firms for over 35 years focused on building and growing a worldwide book of business in the class action/mass tort field.  That required significant capital and throughout my career I have raised over $1 billion for my firms.  I have learned what works and what doesn’t.  I have seen both the risks and rewards in this industry.  I look forward to being able to work with law firms and funders to assist them in putting the right strategies in place with Bryant Park and bringing capital and liquidity to help them grow and flourish.”

About Bryant Park Capital

Bryant Park Capital is an investment bank providing capital raising, M&A and corporate finance advisory services to emerging growth and middle market public and private companies. BPC has deep expertise and a diversified, well-founded breadth of experience in a number of sectors, including specialty finance & financial services. BPC has raised various forms of credit, growth equity, and assisted in mergers and acquisitions for its clients. Our professionals have completed more than 400 assignments representing an aggregate transaction value of over $30 billion.

For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.