SOURCE: Mobile Lads Corp.

July 08, 2014 06:00 ET

Mobile Lads Signs Letter of Intent for Xtreme Mobility Software Acquisition

AVENTURA, FL--(Marketwired - Jul 8, 2014) - The Board of Directors of Mobile Lads Corp. (OTCQB: MOBO) today announces an executed letter of intent for the exclusive acquisition of the Xtreme Mobility Assets from 7611544 Canada Corp.

"We're very pleased to be moving into one of the final stages of completing this important acquisition after performing extensive due diligence," stated Michael Paul, President of Mobile Lads. "The technology and intellectual property assets solidify our position as a leading provider of wireless transaction software solutions, while also accelerating our business plan to enable innovative, wide-area communication solutions on a global scale."

The Xtreme Mobility Assets include software and associated patent(s) related to mobile payment authentication and processing. The flagship product, xmVerify, is a real-time mobile transaction security service that prevents credit card fraud by giving users control over the authorization process when making purchases. xmVerify sends a transaction authorization request directly to the user's mobile phone to ensure authenticity; the user then interacts with the transaction request to verify the authenticity of the transaction. The product uses one of the best cryptographic services and is in compliance with all available platforms.

The asset purchase includes the Xtreme Mobility Patent which covers "a methodology to verify a transaction via a secure two way verification process on a mobile device." Mobile Lads believes that there are significant licensing opportunities available through patent enforcement of this proprietary methodology, which is in increasingly widespread use in the industry by some of the most well known names in the technology space.

The acquisition also covers the xmBilling and xmOne products. xmBilling is a mobile platform that provides customers with a convenient and secure way to review and authorize automatic billing transactions, easing the challenges of automated and volume-based billing. The system sends the user a text message with a URL leading to an online e-bill where they can review details of the bill and authorize the payment via credit card with the use of their PIN number.

The xmOne mobile platform provides an array of encrypted mobile services, including top-up, payment processing, emergency notification and marketing, and is an ideal solution for students and higher education facilities as the platform can interface with a school's existing campus card account system to enable students to perform a variety of banking transactions from their cell phones. The education facility benefits from increased usage of the flex-dollar ecosystem, lower overhead from ADMs, and customization to match individual school brands.

The total purchase price for the Specified Xtreme Assets will be valued at US $9,000,000.00.

About Mobile Lads Corp.

Mobile Lads Corp. designs and delivers secure, wide-area wireless transaction software solutions for the consumer finance, web and health payment processing sectors. The company's solutions provide streamlined, continuous access to time-sensitive information and data on multiple network standards. Mobile Lads' products and services, offered through its Xtreme Mobility division, centers on three core technologies that simplify and secure wireless communications: xmVerify, xmBilling, and xmOne.

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Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Contact Information

  • For further information contact:
    Mobile Lads Corp.
    Press Relations
    Phone: 800.470.9216