SOURCE: MacroSolve Inc.

MacroSolve Inc.

November 16, 2010 06:00 ET

MacroSolve Raises $775,000 in Bridge Funding to Support Patent Monetization Strategy

Fund Raise Oversubscribed by $275,000

TULSA, OK--(Marketwire - November 16, 2010) - MacroSolve, Inc., (OTCBB: MCVE) (OTCQB: MCVE), a leading provider of mobile technologies, apps and solutions, announced today it has closed on a convertible debenture for bridge funding in the amount of $775,000. Funding sources included some of the company's current investors as well as select institutional investors. The bridge funding was originally set at $500,000. Greater than expected investor interest among a few investors, however, led to an oversubscription of $275,000, for a total raise of $775,000.

Funds will be used to support the company's monetization strategy for its newly issued mobile app patent, as well as for general operating expenses.

MacroSolve President and CEO, Clint Parr, commented, "Clearly the market, including both equity and debt investors, has reacted quite enthusiastically to the award of our patent. We are pleased to accept further investment from our current, very loyal shareholders, as well as from select institutional investors who are new investors with MacroSolve. With these funds, we will further accelerate our patent monetization timeline."

As previously announced on October 28, MacroSolve was awarded a landmark mobile app patent, U.S. Patent Number 7,822,816.

About MacroSolve
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, and solutions to businesses and government. Founded in 1997, the company has an extensive network including the top name brands in wireless hardware and software as well as wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012. The company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com) and Illume Mobile (http://www.illumemobile.com). For more information, visit MacroSolve (http://www.macrosolve.com) or call 800-401-8740.

Safe Harbor Statement
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.

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