KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--InterDigital, Inc. (NASDAQ: IDCC) today announced that its Board of Directors has initiated a process to explore and evaluate potential strategic alternatives for the company, which may include a sale or other transaction.
“We continue to be optimistic about the prospects for the company under its current business plan,” stated Terry Clontz, Chairman of InterDigital’s Board of Directors. “That said, over the past year we have seen the value of intellectual property rise substantially as major players in the mobile industry increasingly understand the strategic and economic value of this type of asset. As a result, the Board believes it is an appropriate time to explore potential strategic options that may enhance shareholder value.”
The company has retained Evercore Partners and Barclays Capital as its financial advisors to assist with the strategic review process. In making the announcement, InterDigital® stated that there can be no assurance that this strategic review process will result in a transaction. The company has not set a timetable for completion of the review process, and it does not intend to comment further regarding the review process unless a specific transaction is approved by the Board of Directors, the review process is concluded or it is otherwise determined that further disclosure is appropriate or required by law.
About InterDigital
InterDigital develops fundamental wireless technologies that are at the core of mobile devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit: www.interdigital.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company’s current beliefs, plans, and expectations as to its current business plan and its exploration and evaluation of potential strategic alternatives. Words such as “believes,” "expects," "may," or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties. Actual outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors, including, but not limited to: (i) the risks and uncertainties of any strategic alternative, including whether any strategic alternative will be identified or, if identified, whether it will be pursued or consummated; (ii) unanticipated delays, difficulties or acceleration in the execution of patent license agreements; (iii) the company’s ability to leverage its strategic relationships and secure new patent license and technology solutions agreements on acceptable terms; (iv) changes in the market share and sales performance of the company’s primary licensees, delays in product shipments of its licensees and timely receipt and final reviews of quarterly royalty reports from its licensees and related matters; (v) the failure of the markets for the company’s technologies to materialize to the extent or at the rate that it expects; and (vi) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional legal proceedings, changes in the schedules or costs associated with legal proceedings or adverse rulings in such legal proceedings. The company has not made a decision to pursue any strategic alternative, and there can be no assurance that the exploration of potential strategic alternatives will result in a sale of the company or in any other transaction. InterDigital undertakes no obligation to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law.