Mobile Broadcasting Corp.

Progress Watch Corp.
PINKSHEETS : PROW

October 20, 2014 09:00 ET

Mobile Broadcasting Corp. Announces Negotiation for Funding Intended to Satisfy Letter of Intent for Acquisition by Progress Watch

PISCATAWAY, NEW JERSEY--(Marketwired - Oct. 20, 2014) - Mobile Broadcasting Corp., a company formed and to be reacquired by Mobile Broadcasting Holding, Inc. (PINKSHEETS:PROW), formerly Progress Watch Corporation, announced today that Progress Watch Corp. and Briken LLC are in negotiation with a funding source for funding which it believes will be acceptable to Progress Watch to satisfy the most significant condition to going to contract for and closing of the Company's acquisition by Progress Watch. The other significant conditions relate to an audit of both companies' financial statements needed to file a registration statement with the Securities and Exchange Commission.

Ken Bland, the Company's chief executive officer and who is also the owner of Briken, stated: "Successful completion of these negotiations will be a big event in the life of our Company and technology. I believe it will not only trigger an acquisition agreement followed by a closing with Progress Watch under our previously announced letter of intent, it will also assure payment to our technology service vendors for completion of phase one and a public launch of our technology of our user application and communications platform."

The Company is planning to build and launch its proprietary user application and communications platform. Subject to completion of development, this user application and communications platform integrates the broadcasting and viewing of live video streams of interactive original programming directly between smartphones and other mobile devices which currently communicate on 4G LTE and Wi-Fi networks, as well as provides for viewing of our prerecorded live streams and video on demand programming (VOD). PROW recently announced a letter of intent with Briken, LLC to reacquire the Company in an exchange of stock. Under the letter of intent, Mr. Bland will become the chief executive officer and controlling stock holder of the Company.

SAFE HARBOR AND INFORMATIONAL STATEMENT

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief and expectations of the Company and its management with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.

Only information that is publicly available will be provided.

Contact Information

  • Mobile Broadcasting Corp.
    Kenneth D. Bland
    Chief Executive Officer
    ken@briken.net