Acacia Expands Management Team
Acacia Research Corporation (Nasdaq: ACTG) announced today that David Witt has joined Acacia Research Group LLC as Vice President.
Mr. Witt has over 30 years of microprocessor design experience and was most recently at Texas Instruments where he was instrumental in the architecture and development of the OMAP2, OMAP3, and OMAP4 application processors.
Prior to TI, Mr. Witt was responsible for architecture and development of the K5 and K7 processors at AMD. He has also held senior level design positions at Analog Devices, VIA Technology and Motorola. Mr. Witt holds a Bachelor of Science in Electrical and Computer Engineering from the University of Wisconsin.
“I am very excited to have this opportunity with Acacia Research. Acacia provides a much needed service that supports and respects patent and intellectual property rights,” commented Mr. Witt.
Acacia Research Corporation's CEO, Paul Ryan, commented, “Mr. Witt's extensive technology experience makes him a great addition to Acacia's management team as we continue to build the country's leading patent licensing company.”
As part of his overall compensation Mr. Witt was granted 15,000 restricted shares of Acacia Research Corporation common stock as a material inducement to his accepting employment with the company. The shares will vest over a three year period.
ABOUT ACACIA RESEARCH CORPORATION
Acacia Research Corporation's subsidiaries partner with inventors and patent owners, license the patents to corporate users, and share the revenue. Acacia Research Corporation's subsidiaries control 250 patent portfolios, covering technologies used in a wide variety of industries.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including those related to Mr. Witt's employment and impact therefrom, are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including Mr. Witt's continued employment and his ability to build our business, the economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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