Changes Approved for Board of Directors and Corporate Officers
BELTSVILLE, Md., Aug. 16 /PRNewswire-FirstCall/ -- Shareholders of Spherix Incorporated (Nasdaq: SPEX) voted to approve the sale of the Company's InfoSpherix subsidiary to The Active Network for $17 million in cash ($15 million at closing and $2 million following a 15-month escrow period). The vote was formally recorded at the Company's annual meeting at its headquarters in Beltsville, Maryland.
At the annual meeting, shareholders elected the following members to the Board of Directors:
-- Douglas T. Brown, Senior Vice President and Manager of the Corporate
Banking Government Contracting Group for PNC Bank
-- A. Paul Cox, Jr., Principal, Asset Protection Company
-- George C. Creel, former Executive VP and Chief Operating Officer,
Baltimore Gas and Electric Co.
-- Gilbert V. Levin, Ph.D., Spherix
-- M. Karen Levin, former VP for Spherix
-- Richard C. Levin, Spherix
-- Robert A. Lodder, Jr., Director of the Analytical Spectroscopy Research
Group of the Advanced Science and Technology Center at the University
-- Robert J. Vander Zanden, Ph.D., former Vice President, R&D, Kraft Foods
In addition, Grant Thornton LLP was selected as the Company's independent accountants for the year 2007.
Richard Levin told shareholders that the phase 3 clinical trial for
Naturlose as a diabetes treatment was going well and the entire study will
now be conducted in the United States. The trial is scheduled to finish in
early- to mid-2009, he said, noting, "Patient recruitment is going
smoothly, patients have been on the drug for month
|SOURCE Spherix Incorporated|
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