Progress Watch Corp

June 30, 2014 10:56 ET

Progress Watch Announces License for Mobile Broadband Communications Platform

TAMPA, FLORIDA--(Marketwired - June 30, 2014) - Progress Watch Corporation (PINKSHEETS:PROW) today announced that its new Mobile Broadcasting Corp. subsidiary has entered into an exclusive license agreement with Briken, LLC to license a mobile broadband communications platform that is planned to support mobile broadband streaming of video content over 4G LTE networks.

The license grants the Company's subsidiary full use of the technology covered by two pending patent applications submitted by Kenneth D. Bland, Briken, LLC's sole member. The technology is believed to offer an improvement in delivery of video content over mobile broadband, including quality and length. The user applications are being configured for use on the iOS system for iPhones and the Android system for HTC and Samsung handsets, among others.

Payment for the license includes a combination of voting preferred stock, common stock, a cash payment due in one year and a royalty based on sales. The combination of voting preferred stock and common stock will result in acquisition of majority ownership of the Company's subsidiary by Briken, LLC.

Jackson L. Morris, Chief Executive Officer of the Company, said, "The license of Briken's technology is a milestone toward achieving the stated business direction we have previously announced for the Company. And, as our subsidiary's director and chief executive officer, Mr. Bland brings to management experience in finance, sales and marketing in telecommunications resulting from his earlier employment by Kalen Communications, Phone Two Communications, Broadway Communications and AT&T."

Mr. Bland stated: "This license represents an opportunity to develop and commercialize a technology that, I believe, will receive broad market acceptance. Additional details of the technology's functionality will be made available in the near future. We plan to roll out an initial market test before year-end."

The Company's name change to Mobile Broadcasting Holding, Inc. in Nevada was effective May 27, 2014. The Company plans to submit an application to FINRA later this week for a market announcement of the name change. The Company is committed to keeping the investment community updated on the Company's activities and progress.


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.

Contact Information

  • Progress Watch Corporation
    Jackson L. Morris
    Chief Executive Officer
    Only information that is publicly available will be provided