SOURCE: Mangosoft, Inc.

January 26, 2011 10:00 ET

MangoSoft Name Change and Adoption of Stock Option Plan

SOMERS, NEW YORK--(Marketwire - January 26, 2011) - MangoSoft, Inc. (OTCBB: MGOF) announced today that a majority of its shareholders had approved by Written Consent a name change of the Company and adoption of a new stock option plan. The Company will now be Mango Capital, Inc. The Company filed the requisite Form 14C with the Securities and Exchange Commission providing notice to all the shareholders of this action by the majority shareholders. The 14C filing was effective as of January 19.

MangoSoft filed an amendment to its Articles of Incorporation changing its name to Mango Capital, Inc. The change is intended to reflect reduced reliance on its software and services business.

In addition, with the expiration of the Company's 1999 Incentive Compensation Plan, shareholders authorized the Board of Directors to adopt the 2010 Stock Option Plan and authorized 2,000,000 shares for issuance under the plan upon approval of grants by the Board. The plan was adopted as authorized at a meeting of the Board held January 24, 2011.

Commenting on the action by the majority shareholders, Dennis M. Goett, Chairman & Chief Executive Officer, stated, "Our recent entry into the structured settlement business through Aspyre Settlement Funding is a financial services opportunity. The change to MangoSoft is intended to align our name with our vision which is broader than the software and services sector. We filed the amendment to our Articles of Incorporation with the State of Nevada."

Sean M. Gavin, MangoSoft's Chief Financial Officer, noted, "The expiration of the 1999 option plan made the adoption of the new 2010 plan a necessity. The Company needs an equity participation strategy to attract, recruit and retain the talent that the Company will need to expand its business base and increase shareholder value," Gavin stated. "We are optimistic about the prospects of Mango Capital's investment in Aspyre Settlement Funding and foresee the need to add key personnel in the coming year," he concluded.

For additional information, please visit the Company's website, www.mangocap.com. Further information regarding the Company's structured settlement business is available at Aspyre Settlement Funding's web-site, www.yourstructuredsettlement.com.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by MangoSoft, Inc. (OTCBB: MGOF) may differ materially from these statements due to a number of factors. MangoSoft, Inc. assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • MangoSoft
    914-315-9756