ParkerVision (NASDAQ:PRKR), a developer and marketer of technologies and products announced results for three and six months period ended June 30, 2018 with the company reporting GAAP net loss for the second quarter at US$4.5 million. Further, the company provided an update on Nasdaq compliance issue and said that it has been unable to regain …
ParkerVision (NASDAQ:PRKR), a developer and marketer of technologies and products announced results for three and six months period ended June 30, 2018 with the company reporting GAAP net loss for the second quarter at US$4.5 million.
Further, the company provided an update on Nasdaq compliance issue and said that it has been unable to regain compliance and may be subject to delisting. However, ParkerVision has applied for listing on OTCQB market under the ticker PRKR and expects its OTC listing to be approved prior to any suspension of trading on NASDAQ.
As quoted in the press release:
Second Quarter 2018 Summary and Recent Developments
- Milo® Single-Pack, which can be installed as a stand-alone system for smaller homes and apartments or as an add-on to an existing Milo system, began shipping in May 2018.
- National television direct-to-consumer campaign for the Company’s Milo Wifi product line launched August 6, 2018.
- Licensing/Patent Enforcement
- Additional infringement briefs filed by the Company at the request of the Munich court in the patent infringement case against Apple for its products using Intel chipsets; near-term decision expected which could result in an enforceable injunction against Apple products.
- Claim construction hearing scheduled for August 31, 2018 in Jacksonville, Florida in patent infringement case against Qualcomm and Apple.
- Validity decision expected in October 2017 following hearing in Munich, Germany; decision could result in enforceable injunctions against LG and Apple products using Qualcomm chipsets.
“While we remain enthusiastic about a number of near-term milestones that can positively and significantly impact the outlook for ParkerVision, the on-going expense and lengthy timeframes to enforce and defend our broadly infringed patents has created some challenges, including limitations on our ability to maintain compliance with Nasdaq’s continued listing requirements. We remain committed to enforce our patent rights as we believe the number of infringing units covered by our current enforcement actions are in the billions of units,” Jeffrey Parker, CEO of ParkerVision said.
Parker continued, “On the product front, we released a direct-response TV campaign for our Milo Wifi product a week ago. While it will take several weeks to assess the impact of that campaign, we are optimistic that it will be a catalyst to generate near term revenue growth. We are fortunate to have business and financial partners who share our aspirations for the future of ParkerVision and continue to support our business efforts.”