LONDON and NEW YORK, April 30 /PRNewswire-FirstCall/ -- MobiVentures Inc.
(OTC Bulletin Board: MBLV), an international provider of high quality mobile
applications, content and services today announced that it has completed the
acquisition of Purepromoter Limited ("Pure"), a U.K.-based global provider of
e-mail and SMS marketing solutions in 40 countries, for $7.8 million.
Pure had revenues of $2.8 million for the fiscal year ended March 31,
2007, which is expected to exceed $4.1 million for the year ended March 31,
2008, a year-over-year increase of approximately 50%. These revenues are up
from $1.1 million in fiscal 2006 and $430,000 in fiscal 2005. Pure's operating
income at fiscal year-end 2007 was $670,000 and is expected to exceed $1.1
million for the year ended March 31, 2008.
Nigel Nicholas, chief executive officer of MobiVentures, commented,
"Pure's ability to create and execute powerful, low-cost multimedia messaging
and text messaging marketing campaigns is recognized around the globe.
Completion of this acquisition is an important milestone as it provides us
strong recurring revenues, cash flow and profitability as we accelerate our
growth through the strong cross-selling opportunities and expanded
distribution of our respective products."
Mr. Nicholas continued, "MobiVentures is aggressive in its pursuit of
accretive and complementary acquisitions in the fragmented mobile media
market, which is estimated to grow to $9.5 billion by 2011, up from an
estimated $4.17 billion in 2006, according to Juniper Research. With the
acquisition of Pure, following our recent acquisition of Move2Mobile, we have
demonstrated our ability to identify, acquire and integrate complementary
businesses. We look forward to completing similar acquisitions in the months
ahead to increase our revenue base and profitability from the synergies and
operating leverage of the combined businesses."
In connection with the acquisition of Pure, MobiVentures received $2
million in financing from Trafalgar Capital Specialized Investment Fund in the
form of convertible debentures to fund the acquisition.
About MobiVentures
MobiVentures Inc. is an established provider of leading edge multi-media
mobile content and services, with clients across the UK, Europe, Asia and
North America. MobiVentures acquires and consolidates growing companies that
operate within the mobile content and service industry. Through the combined
scale and resources, MobiVentures seeks to accelerate growth and time to
market for its portfolio companies and their respective products, which stand
to immediately benefit from the company's broad content array, international
distribution channels and strategic alliances.
About Purepromoter Limited
Pure offers a complete and flexible software solution to add power to
email marketing and SMS advertising: PureResponse. Pure helps its clients
develop the most effective way to display their email marketing message, and
ensures its clients get the highest send rates and lowest number of opt-outs.
Additional information about the company is available at: www.pure360.com.
Statements about MobiVentures' future expectations and all other
statements in this press release other than historical facts are "forward-
looking statements" within the meaning of section 27A of the Securities Act of
1933, Section 21E of the Securities Exchange Act of 1934, and as the term is
defined in the Private Litigation Reform Act of 1995. MobiVentures' actual
results could differ materially from expected results. MobiVentures undertakes
no obligation to update forward-looking statements to reflect subsequently
occurring events or circumstances. The forecasted revenues and other financial
information for Pure Promoter for its fiscal year ended March 31, 2008 are
projections based on guidance provided by management of Pure Promoter. These
projections are forward looking statements that are subject to contingencies
associated with the business of Pure Promotor. There is no assurance that
these projections will be achieved. Accordingly, investors should not place
undue reliance on these forward looking statements.
SOURCE MobiVentures Inc.