Exhibit 99.1

                                             For additional information, contact
                                              Investor Relations, (301) 419-7877
March 30, 2007                                           Email: info@spherix.com

                  SPHERIX REPORTS RECORD 2006 FINANCIAL RESULTS

BELTSVILLE,  MD, Spherix Incorporated  (NASDAQ/SPEX)  reported record revenue of
$24.8 million for the year ended  December 31, 2006, up 8% over 2005. The strong
increase  between  years was the result of continued  growth from  InfoSpherix's
(the Company's wholly-own  subsidiary) popular Government Campground Reservation
Business. The reported revenue numbers are exclusive of an additional $6 million
the  Company  received as part of its  settlement  with the U.S.  Department  of
Agriculture (see Spherix news release dated October 26, 2006), which the Company
recorded  as "Other  Income"  and which  contributed  significantly  to the $6.3
million improvement in net income (loss) between years.

                                                    Year Ended
                                                    December 31
                                          --------------------------------
                                               2006              2005
                                          --------------    --------------
Revenue                                   $   24,838,174    $   23,045,657
Operating expense                            (27,317,993)      (25,931,550)
                                          --------------    --------------
Loss from operations                      $   (2,479,819)   $   (2,885,893)

Other income                              $    6,097,750    $       37,145
Income tax expense                        $     (105,050)   $            -
                                          --------------    --------------
Net income (loss)                         $    3,512,881    $   (2,848,748)
Net income (loss) per share               $         0.26    $        (0.24)

     Spherix  President  Richard C. Levin said,  "I am pleased at the  continued
improvement in financial  results.  Even without the $6 million  settlement,  we
improved  net income by  $360,000.  This  includes  an  increase in R&D costs of
$595,000 in expenses primarily for our Phase 3 clinical trial for Naturlose as a
stand-alone drug to treat diabetes, which is proceeding on schedule."

                                   ----------

     Certain  statements  contained herein are "forward  looking"  statements as
defined in the Private  Securities  Litigation Reform Act of 1995.  Because such
statements include risks and uncertainties, actual results may differ materially
from those  expressed or implied.  Factors  that could cause  actual  results to
differ  materially from those expressed or implied include,  but are not limited
to, those  discussed in filings by the Company with the  Securities and Exchange
Commission, including the filing on Form 8-K made on March 3, 1999.

     Under its motto,  "A World of  Solutions,"  Spherix's  mission is to create
value and  increase  shareholder  wealth  through  innovations  that benefit our
clients and the human  condition.  Spherix  offers  innovations  in  information
technology, knowledge management, and biotechnology.

                 Our Internet address is http://www.spherix.com.

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