XpresSpa Group Inc (XSPA)

[postyle]

The monetization opportunity for VRNG's internet search/advertising patents was always going to dry up after Google - win or lose, tainted or not. They expire soon anyway.

The cost of the NOK mobile patent portfolio was $22 million + 35% of any revenues generated (but only after the first $22 million is recouped), so it's clearly worth more than $22 million. And there is a much longer shelf life to these patents as compared to the search patents.

These NOK patents are currently being litigated against ZTE (big opportunity) and Belkin (small opportunity). ADT/TYCO have already settled whereby VRNG has received over $1 million to date from the two combined.

Also, the NOK patents cover so many different areas of technology, it's really impossible to guess which patents VRNG will assert next and who they will go after next.

Just based on the NOK patent portfolio opportunity by itself, that's a very reasonable starting range you present. Value should be much higher if they can structure a good ZTE licensing deal.