Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

January 30, 2007 15:29 ET

Fireswirl Technologies Completes Definitive Agreement to Acquire Intellectual Property for Translating Mobile Text Messages

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - Fireswirl Technologies Inc. (TSX VENTURE:FSW) ("Fireswirl"), through its wholly-owned subsidiary, Fireswirl Mobile Solutions Limited ("FMSL"), has entered into a definitive asset purchase agreement (the "Agreement") with Living Stone Consultants Limited ("LSCL") to acquire certain intellectual property assets ("IP"), and a 51% interest in M-Lingo Limited. The IP enables real-time translation between multiple languages on and between virtually any type of mobile phone (packet based and non-packet based). M-Lingo is a joint venture with MHL Consulting Ltd., a Hong Kong based company that will retain a 49% interest. It is intended that MHL will market the IP to its extensive business network of mobile carriers in Hong Kong, Taiwan and China.

Pursuant to the terms of the Agreement, the purchase price consideration (at closing) is comprised of: (1) 50% of the first US$8,000,000 of net income generated by FMSL derived from the IP; and 15% of net income thereafter; (2) US$22,500; and (3) options granted in the name of the sole shareholder of LSCL to purchase 100,000 common shares of Fireswirl Technologies at an exercise price equal to the closing market price on the date of closing. The Agreement is subject to customary closing conditions and is anticipated to complete on or about February 12, 2007.

"This user friendly, low cost SMS translator service will have broad appeal within the market," says Dale Peterson, Fireswirl's CEO, "And our partnership with MHL will be an integral asset for reaching our targeted markets within Asia where there are now upwards of 400 million cell phone users."

"The IP is a natural fit with our present multi-language, multi-currency and text messaging capabilities," says Tony Lau, Fireswirl's CTO. "We look forward to launching a Fireswirl-branded mobile translator as early as spring 2007."

About Fireswirl Technologies Inc.

Fireswirl Technologies Inc. (TSX VENTURE:FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The company's technology has broad applications for those requiring multiple payment interfaces, multi-currency and multi-language capabilities. It can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users.

Forward-Looking Statement

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to risks associated with foreign countries, changes in laws and regulations, proprietary protection, dependence on market growth, foreign exchange fluctuations, regulatory requirements and dependence on the internet and system infrastructure. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Fireswirl Technologies Inc. - Head Office
    Dale Peterson
    (604) 685-9555 ext. 230
    (604) 605-0633 (FAX)
    Fireswirl Technologies Inc.
    Keir Reynolds
    Investor Relations
    (604) 684-4743 ext. 231 or Toll Free: 1-866-684-4743