SAN FRANCISCO, CALIFORNIA--(Marketwire - July 26, 2012) - Marine Drive Mobile Corp. (OTCBB:MDMC) ("Marine Drive" or the "Company") announced today that it has signed a Joint Venture Agreement with Pay2Gate, LLC a Delaware corporation to develop an m-commerce payment gateway platform.
Mobile commerce aka "m-commerce" refers to consumers shopping via wireless handheld accessories such as cell phones or PDA's. M-commerce technology or web services for that matter is a version of a company's website that is designed to fit within the constraints of a cell phone or PDA. While some m-commerce sites are up to drive sales, the majority of retailers utilize m-commerce as an additional branding channel. According to ABI Research, mobile is going to get a lot bigger in the ecommerce market. The research firm is predicting that in 2015, $119 Billion worth of goods and services will be purchased via a mobile phone.
This Joint Venture will help facilitate the need to provide a payment gateway solution for mobile commence, commonly referred to as m-commerce. Pay2Gate will hold a 75% ownership and will finance the cost of developing the project. Marine Drive will hold a 20% ownership with an additional 5% for managing and developing the project.
Colin MacDonald, CEO and President of Marine Drive Mobile, stated, "Implementing our own payment gateway for mobile devices should reduce the need to pay higher fees to competing financial gateway companies. Along with this Join Venture, since we will be developing this technology, Marine Drive will not have to pay any licensing fees to utilize the payment gateway platform and will also get a preferred transaction rate." Colin Continued, "This could be a significant milestone, when you have a transactional based model on the multitude of transactions, each transaction that can save our company money will only help and assist a better bottom line."
About Marine Drive Mobile Corp.
Marine Drive Mobile Corp. (OTCBB:MDMC) is a San Francisco based technology company dedicated to bringing simplicity, innovation and disruption to the deal software industry. Our mission is to transform the online deal space by giving businesses a totally free online advertising platform that makes creating and promoting daily deals as simple as sending an email. Marine Drive Mobile connects merchants and consumers through our proprietary software platform and business systems. For more information on Marine Drive Mobile Corp. visit www.marinedrive.com.
This news release may contain "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this news release. Investors are urged to consider closely the disclosure in the Company's Form 10-K and subsequent filings, which may be obtained directly from the Company, or from the SEC website at http://www.sec.gov/edgar.shtml