Marathon Patent Group Inc (NASDAQ:MARA), a patent licensing and commercialization company, announced today that it has named Erich Spangenberg its Director of Acquisitions, Licensing, and Strategy. Mr. Spangenberg will primarily focus on acquisitions, licensing, alliances and strategy for Marathon, with an emphasis on Marathon’s expansion into Asia and Europe.
Doug Croxall, CEO and Chairman of Marathon stated, “Erich is well known in the IP industry and was always my top choice to advise on strategy. We have known each other for years and work well together. I have also asked Erich to join our recently formed Asset Management Committee which reviews and makes final recommendations to the Board of Directors on all patent acquisitions and other significant transactions.”
Erich Spangenberg commented, “The patent market is in turmoil and under incredible pressure, so this is exactly the time I want to jump back in and join Doug and the rest of the Marathon team at what I believe is a historic point of opportunity in the patent market.”
Mr. Spangenberg continued, “I plan to spend the majority of my time on the ground in Europe and Asia working primarily with large corporate patent owners on various monetization opportunities. We are also working on new and significant opportunities beyond traditional licensing that potentially offer very attractive returns. It is my belief that focused monetization efforts in Asia and Europe can contribute significantly to future top and bottom line growth at Marathon.”
Spangenberg is the founder and former CEO of IP Navigation Group (IPNav). He is also the founder and former CEO of nXn Partners (predictive analytics). Mr. Spangenberg was previously a partner at the prestigious law firm, Jones Day, as well as an investment banking executive at Donaldson, Lufkin & Jenrette. He is regularly quoted and featured in major news and industry trade publications and his influence in the IP space has resulted in numerous industry recognitions. (Original Source)
Shares of Marathon Patent closed yesterday at $1.70, up $0.01 or 0.59%. MARA has a 1-year high of $5.84 and a 1-year low of $1.29. The stock’s 50-day moving average is $1.87 and its 200-day moving average is $1.84.
On the ratings front, Roth Capital analyst William Gibson maintained a Buy rating on MARA, with a price target of $7, in a report issued on March 29. The current price target implies an upside of 311.8% from current levels. According to TipRanks.com, Gibson has a yearly average return of -20%, a 26% success rate, and is ranked #3712 out of 3845 analysts.
Marathon Patent Group, Inc. is a patent and patent rights acquisition and licensing company. It acquires patents and patent rights from patent holders ranging from individual inventors to fortune 500 companies. The company was founded on February 23, 2010 and is headquartered in Los Angeles, CA.