Marathon Patent Group Announces Results of Special Meeting of Shareholders
Merrick Okamoto Named Chairman of the Board
LOS ANGELES, CA -- (Marketwired) -- 10/02/17 -- Marathon Patent Group, Inc. (NASDAQ: MARA) ("Marathon" or "Company"), an IP licensing and management company, today announced the results of its special meeting of shareholders.
The Company is pleased to announce that at the Company's special meeting of shareholders, held Friday September 29, 2017, all proposals passed.
In addition, Merrick Okamoto, who currently serves as an Independent Director, has been appointed as Chairman of the Board of Directors. Current CEO Doug Croxall has agreed to extend his role as CEO with the Company for an additional month.
Newly named Chairman of the Board Merrick Okamoto stated, "We're pleased to announce the successful results of our special meeting of shareholders where all proposals passed, resulting in the Company. The approvals allow the Company to complete its financing initiatives and authorizes steps for elimination of the Company's long term indebtedness through a restructuring of certain patent assets with DBD Credit Funding. Upon completion the restructuring and the new capital is expected to result in the Company having a strengthened balance sheet. The Company is committed to evaluating strategic alternatives including future acquisitions in related or unrelated businesses."
About Marathon Patent Group, Inc.
Marathon is an IP licensing and management company. The Company acquires and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. Marathon has a global focus on IP acquisition and management.
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, but not limited to, the amount and use of proceeds the Company expects to receive from the sale of the shares of common stock in the registered direct offering and the closing of the transactions. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Marathon Patent Group
Source: Marathon Patent Group
Released October 2, 2017