ALEXANDRIA, VA--(Marketwired - Sep 16, 2014) - Marathon Patent Group, Inc. (
Prior to joining Marathon, Mr. Gelbtuch was the SVP of Corporate Finance and Investor Relations (IR) at Neonode from August 2012 through September 2014. Neonode develops, patents, and licenses optical infrared touchscreen hardware for a wide range of electronic devices.
Prior to NEON, Mr. Gelbtuch spent 14 years on Wall Street, principally publishing on and investing in equities within the semiconductor, technology licensing, and IP-monetization sectors. During his time on Wall Street, Mr. Gelbtuch was a Senior Equities Analyst at Cantor Fitzgerald, manager of a technology long/short portfolio at Roaring Brook Capital, and an Executive Director and Senior Equities Analyst at CIBC World Markets. During Mr. Gelbtuch's seven years at CIBC, the Wall Street Journal recognized Daniel as the #1 Stock-Picking Semiconductor Analyst in 2005, In 2006, Forbes and Starmine ranked Daniel as #9 among all US Stock-Picking Analysts (across all sectors).
Mr. Gelbtuch earned a Juris Doctor from the Benjamin Cardozo School of Law in 1997, where he was the Executive Editor of the Cardozo Law Forum , and a B.A. in Economics from Yeshiva University in 1994.
"We are pleased to welcome Daniel to the Marathon team. His wealth of experience in Corporate Finance and Investor Relations, combined with his long standing relationships on Wall Street, make him ideally suited for his new and important role with the company," said Doug Croxall, Founder & CEO of Marathon Patent Group. "In light of our recent listing on the Nasdaq Stock Exchange, we are keenly aware of the need to not only continue communicating with our existing retail shareholders, but to also present ourselves for investment consideration to the institutional audience. We believe Daniel is the perfect person to be driving this initiative on behalf of both the company and its shareholders."
Pursuant to the terms of the Employment Agreement, Mr. Gelbtuch shall receive a base salary at an annual rate of $230,000.00. The Company agreed to issue Mr. Gelbtuch ten year stock options, which were issued outside of the Company's 2012 Equity Incentive Plan, to purchase an aggregate of 145,000 shares of common stock, with an exercise price of $11.24 per share, which was the closing price on the day the Board of Directors approved such grant. The options shall vest in thirty-six (36) equal installments on each monthly anniversary of the date of the Employment Agreement, provided Mr. Gelbtuch is still employed by the Company on each such date.
About Marathon Patent Group:
Marathon is a patent acquisition and monetization company. The Company acquires patents from a wide-range of patent holders from individual inventors to Fortune 500 companies. Marathon's strategy of acquiring patents that cover a wide-range of subject matter allows the Company to achieve diversity within its patent asset portfolio. Marathon generates revenue with its diversified portfolio through actively managed concurrent patent rights enforcement campaigns. This approach is expected to result in a long-term, diversified revenue stream. To learn more about Marathon Patent Group, visit www.marathonpg.com .
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact : Addo Communications Lasse Glassen Director 424-238-6249 lasseg@addocommunications.com
