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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  • The Company has withdrawn its pursuit of appellate actions in Germany.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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New Burford Capital Research Reveals Significant Opportunities for Businesses Through Patent Monetization

By Harry Moran |

Burford Capital, the leading global finance and asset management firm focused on law, today releases new research on patent monetization, a means for businesses with significant intellectual property to generate revenue from patent assets through licensing, direct enforcement and corporate divestitures. With high research and development costs, long development timelines and intense IP competition, CFOs and GCs are faced with the challenge of seeking greater value from their companies' patent portfolios without diverting capital from core business operations. Moreover, converting underutilized intellectual property into liquid assets enables companies to fuel ongoing innovation and drive future growth.

Despite substantial investments in securing and maintaining patents, many companies fall short in leveraging their intellectual property—resulting in missed financial opportunities and ongoing costs that could otherwise be offset through monetization. This research shows companies shifting to a more proactive stance toward patent monetization as they face mounting economic pressures, rising costs of maintaining large patent portfolios and headline-generating enforcements and divestitures by major brands that increase acceptance. Nearly 70% of in-house lawyers say their organizations are more likely to monetize patents today than a decade ago, and 73% report that patent monetization revenue has grown over the last 10 years.

"Patent monetization remains a significantly underutilized asset for many businesses," said Christopher Bogart, CEO of Burford Capital. "Companies frequently hold valuable patents that require substantial investment to enforce, incurring significant expense—risk we routinely finance for clients. In today's climate of intensifying global competition and rapidly evolving IP enforcement landscapes, legal finance empowers companies to strengthen their patent monetization strategies and take a more proactive, value-driven approach to IP management."

"Companies have a significant opportunity to unlock value from their intellectual property," said Katharine Wolanyk, Managing Director at Burford Capital and head of its intellectual property and patent litigation finance division. "In conversations with CFOs and general counsel across industries, we frequently hear that patent portfolios are viewed as cost centers rather than assets, and this research substantiates that assertion. Legal finance offers a powerful solution by transforming underutilized IP assets into a source of liquidity that can fuel business priorities and allow companies to continue the essential cycle of innovation."

Key findings from the study include:

  • Companies are missing revenue opportunities: Even as patent monetization is increasing, 79% of in-house lawyers say that more than a quarter of their patent portfolio is underutilized. The costs of maintaining patents without monetization include lost revenue, delayed market entry and reduced market share.
  • Revenue generated by patent monetization is growing: 73% of in-house lawyers report that revenue from patent monetization has increased over the last 10 years and 69% of in-house lawyers say their organizations have become more likely to monetize patents in the past decade.
  • Divestiture is a fast-growing monetization strategy: 71% of in-house lawyers have already divested patents or are actively exploring divestiture options.
  • Clients can de-risk direct enforcement with finance: 72% of law firm lawyers cite the high cost of litigation as a deterrent to clients pursuing meritorious patent claims.
  • Legal finance plays a growing role in patent monetization: 59% of law firm lawyers say clients use legal finance for patent monetization; 51% of in-house lawyers say they are actively planning or exploring the use of legal finance to support patent enforcement and monetization going forward.
  • Global patent monetization is active: The US remains the top market for patent monetization due to strong enforcement mechanisms. The Unified Patent Court (UPC) is driving change in Europe, with 74% of in-house lawyers expecting increased enforcement in the region.

This research, commissioned by Burford and conducted by GLG, captures insights from 300 in-house IP counsel and law firm partners involved in patent litigation in North America, Europe and Asia.

The research report can be downloaded on Burford's website.

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery, and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and works with companies and law firms around the world from its global network of offices.

For more information, please visit www.burfordcapital.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

Court House Capital Appoints New CEO as Michelle Silvers Moves into Chairman Role

By Harry Moran |

Court House Capital is pleased to announce the appointment of Matt Hourn as its new Chief Executive Officer, effective 14 April 2025. This strategic leadership transition marks an exciting new chapter for the company as Michelle Silvers, who has served as CEO since 2020, steps into the role of Chairman of the Board. 

Michelle Silvers has been instrumental in Court House Capital’s growth, innovation, and performance since its inception. Her move into the Chairman position reflects the company's ongoing commitment to visionary leadership and long-term success. 

"Leading Court House Capital has been an incredible journey, and I am proud of what we've built. I look forward to continuing to support the company's future in a strategic capacity as Chairman." Michelle Silvers, Chairman, Court House Capital 

Incoming CEO Matt Hourn brings over 25 years of experience in commercial litigation and is cofounder of Court House Capital. His strong commercial insight and legal expertise, leadership capabilities, and innovative vision make him well-suited to drive the next phase of growth. 

"I am honoured to step into the role of CEO and build on the strong foundation Michelle has established," Matt Hourn, Chief Executive Officer, Court House Capital. 

This transition underscores the firm’s commitment to continuity and strategic evolution, positioning Court House Capital for sustained success. 

ABOUT COURT HOUSE CAPITAL 

Court House Capital is a leading litigation funder focused on cases in Australia and New Zealand. Led by industry founders, with Australian based capital, the team is renowned for expertise, agility and collaboration. courthousecapital.com.au 

IQuote Limited Strengthens Senior Leadership Team with New Director Appointment

By Harry Moran |

Manchester-based litigation finance firm IQuote Limited has bolstered its senior leadership team with the appointment of a new Director of Campaigns, reinforcing its commitment to expansion and innovation in the sector.

Stepping into the role is Katie Doherty, an experienced litigation finance specialist with a track record of driving growth and operational success. 

She has held senior positions at various law firms prior and has worked alongside IQuote CEO Craig Cornick for over 15 years across multiple roles.

Katie said she was both delighted and grateful for the opportunity and expressed a keen desire to get started as soon as possible. 

“It’s an incredibly exciting time for IQuote as we continue expanding our legal tech partnerships and investing in new opportunities,” Katie said.  “This is a fast-moving industry, and I’m looking forward to leading campaigns that will drive the firm’s next stage of growth.

“I can’t wait to get stuck in. IQuote has evolved massively in respect of its business offerings, the firms we are investing in, and the different campaigns we are now exploring. You have to be constantly thinking on your feet; there’s never a dull moment.”

Originally aspiring to become a solicitor, Doherty began her career in legal administration before transitioning into finance and business strategy.  She first collaborated with Craig in 2010, playing a key role in business operations, asset management, and claims handling. 

Katie thanked her team at IQuote for all their help and support.

“They have all been fantastic, and I have so much admiration for Craig,” she said.

“For him nothing is impossible; if you say, ‘it can’t be done,’ he will immediately tell you that it can and how you can make it happen.”

Craig Cornick, CEO of IQuote Limited, said: “Katie has been instrumental in the success of multiple businesses I’ve led, and her ability to think strategically while keeping operations running smoothly is unmatched.

“She knows how to build and execute campaigns that deliver real results, and that’s exactly what we need as we continue to scale. Her expertise in litigation finance, combined with her hands-on leadership style, makes her a perfect fit for this role.

“She’s got an incredible work ethic also. From the very start, Katie has always been willing to roll up her sleeves and do whatever it takes to get the job done. 

“Whether it was managing complex operations or jumping in to solve unexpected challenges, she’s always been a problem-solver. That kind of determination is what sets her apart and why I’m confident she’ll drive real impact in this position.”