Biotech Business

Spherix Signs Letter of Intent for the Sale of Its Information Subsidiary

Published in Drug Law Weekly, May 8th, 2007

Spherix Incorporated (NASDAQ:SPEX) has signed a letter of intent to sell the stock of its subsidiary, InfoSpherix Incorporated, to The Active Network Inc. Terms of the deal have not been disclosed. InfoSpherix contracts with government agencies to design, host, and operate park reservation services and public service contact centers.

The letter of intent calls for an exclusivity period during which the definitive agreement is to be finalized. This agreement will be submitted to Spherix's stockholders for approval. It is expected that the transaction can be completed by the end of the summer.

The sale will allow Spherix to focus all of its efforts on...

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Source: Drug Law Weekly (2007-05-08)

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