Marathon Patent Group Subsidiary Orthophoenix LLC Receives Accelerated Royalty Payment
LOS ANGELES, CA -- (Marketwired) -- 10/06/15 -- Marathon Patent Group, Inc. (NASDAQ: MARA) ("Marathon"), a patent licensing company, announced today that it received an accelerated royalty payment. The one-time payment represents an acceleration of an unpredictable quarterly revenue steam, which had been subject to monitoring, audits and product market risks.
Frank Knuettel II, Chief Financial Officer of Marathon stated, "We are clearly pleased to have secured this lump sum payment dramatically accelerating the receipt of owed royalties. The payment provides us present value dollars, adding cash to our balance sheet, while extinguishing a previously unpredictable quarterly revenue stream."
The Company expects to account for the transaction as revenue in its third quarter financial results to be announced approximately mid-November.
About Marathon Patent Group:
Marathon is a patent acquisition and monetization company. The Company acquires patents from a wide-range of patent holders from individual inventors to Fortune 500 companies. Marathon's strategy of acquiring patents that cover a wide-range of subject matter allows the Company to achieve diversity within its patent asset portfolio. Marathon generates revenue with its diversified portfolio through actively managed concurrent patent rights enforcement campaigns. This approach is expected to result in a long-term, diversified revenue stream. To learn more about Marathon Patent Group, visit www.marathonpg.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Marathon Patent Group
Source: Marathon Patent Group
Released October 6, 2015