SOURCE: First Corporation

September 02, 2011 16:30 ET

First Corporation Announces Further Feedback on Audit of Gecko's SMS Application

SMS Application Use Is Growing Fast, Particularly in Emerging Markets Where Map Coverage Is Poor

LONDON--(Marketwire - Sep 2, 2011) - First Corporation (OTCBB: FSTC) announces further feedback on the audit of Gecko's popular SMS Application that runs on the Google Android platform. Utilizing its AtLAS Advanced Landmark Acquisition System, Gecko's SMS Application enhances SMS messages adding location information based on well-known geographic related interest points. Location information is optional and can be set manually.

The SMS Application is part of Gecko's broad marketing strategy re-enforcing its position as world leader in the provision of well known local landmarks. Due diligence has revealed over 50% of current users are in the rapidly growing emerging markets of Asia and Africa. Market penetration is particularly strong in India, the Philippines, Kenya, Indonesia, Malaysia and Nigeria.

Mark Collins-Cope, head of the Private Trading Systems IT team retained by First Corporation to audit Gecko's AtLAS Advanced Landmark Acquisition System, states, "The SMS Application's utilization is growing fast, particularly in emerging markets where map coverage is poor, or there is no local culture of map reading. The SMS Application is quite popular in India, one of the early adopters."

The audit of Gecko's SMS Application is intended to augment First Corporation's due diligence process further accelerating the acquisition of their 10% equity stake in Gecko. With the gathering of additional due diligence information, First Corporation intends to conclude the transaction with Gecko as soon as possible thereafter, subject to regulatory requirements.

About First Corporation

First Corporation was incorporated under the laws of the State of Colorado on December 27, 1995. The Company's activities to date have been limited to organization and capital formation.

Forward-Looking Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements reflect First Corporation's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to complete First Corporation's planned acquisition, its liquidity position and its ability to obtain new funding. In the light of these uncertainties the forward-looking events referred to in this release might not occur, and actual events could differ materially from those described in First Corporation's forward-looking statements.

Contact Information

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    Emerson Gerard Associates
    Jerry Jennings
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