Vringo Files IPO

Feb 02, 2010


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Vringo, Inc., a video ringtone service provider, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission, which outlines the Company's plans for an initial public offering of its securities.

According to the document, the Company intends to raise $12 million in capital in the IPO, with the potential of reaching $13.8 million if an over-allotment option is exercised. The Company plans to issue 2.4 million units, with each unit consisting of one share of common stock and two warrants. The Form S-1 can be viewed at the SEC's Web site at http://sec.gov/Archives/edgar/data/1410428/000119312510016082/ds1.htm#toc50071_14.

Despite raising $17.5 million in funding since its inception in 2006, Vringo reported $18 million in cumulative losses and only $36,000 in profits from January to September 2009.

At present, Warburg Pincus is Vringo's largest shareholder, with a 31.9% stake in the company. In addition to video ringtones, Vringo markets a service called VringForward that projects a video ringtone onto others' phones whenever the user calls.

(www.vringo.com)