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WirelessDevNet.com Press Release
MobiVentures Completes Acquisition of Purepromoter Limited
London and New York - 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.
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