SOURCE: First Corporation
TORONTO--(Marketwire - Dec 4, 2012) - First Corporation (OTCBB: FSTC) announces the option to increase the Company's investment in Gecko Landmarks has been extended. Under the terms of the original Agreement, First Corporation acquired an initial 10% equity interest in Gecko at an aggregate subscription price of $1m. An option that allows First Corp. to purchase an additional 23% equity interest in Gecko within six months at an aggregate subscription price of $3.45m has been extended to December 15.
Gecko is the producer of highly innovative global landmark data and related software technology. First Corporation expects to work closely with Gecko assisting in the monetization and further commercialization of Gecko's location-based services, and provision of landmark data for use in mobile phone applications, GPS devices, telecom and internet services -- particularly in fast growing emerging markets.
Andy Clarke, CEO, First Corporation, states, "We welcome this extension of time to allow high level and detailed discussions to continue between the respective management teams. These discussions are aimed at identifying how the First Corporation/Gecko relationship can be developed further, beyond the scope of the current Option Agreement, for the mutual benefit of all our stakeholders. We hope to be in a position to make a more definitive statement in the coming days and weeks."
About Gecko Landmarks
Gecko Landmarks offers landmark-based location services. Gecko's landmark data covers every country with high accuracy. The landmark data is needed to enable every mobile phone to access and use location-based services. Gecko's approach offers consumers instant understanding of the location. Location technology, social network and mobile phone companies plug in landmark data to enhance user experience. Learn more about Gecko Landmarks at www.geckolandmarks.com.
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.
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.