Progress Watch Corp.
PINKSHEETS : PROW

Mobile Broadcasting Corp.

October 01, 2014 11:57 ET

Progress Watch to Acquire Mobile Broadcasting Corp.

TAMPA, FLORIDA--(Marketwired - Oct. 1, 2014) - Mobile Broadcasting Holding, Inc. (PINKSHEETS:PROW), formerly Progress Watch Corporation, announced today that it has entered into a letter of intent with Briken, LLC to acquire Mobile Broadcasting Corp. as a wholly owned subsidiary. The Company originally formed Mobile Broadcasting Corp. as a wholly owned subsidiary but a majority of its stock was subsequently transferred to Briken, LLC under a license for technology needed to pursue its planned business in development and deployment of a communications platform designed to broadcast and view 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 for viewing our prerecorded live streams and video on demand programming (VOD). The certain features of the communications platform have recently received U.S. Patent coverage.

The letter of intent contains a number of conditions and is subject to negotiation of a definitive agreement. Among the conditions are requirements that Briken, LLC fund Mobile Broadcasting Corp. at not less than $150,000 and Mobile Broadcasting Corp.'s financial statements be audited. Briken would acquire control of the Company in an exchange of 3 million shares of its restricted super voting preferred stock for all of Mobile Broadcasting Corp.'s outstanding common stock. The planned and previously announced dividend distribution of stock in Mobile Broadcasting Corp. owned by the Company would be rendered unnecessary. All of the Company's operations would be conducted in Mobile Broadcasting Corp. as a wholly owned subsidiary.

At closing under a definitive agreement to be negotiated, Kenneth D. Bland, managing member of Briken, LLC and sole director and chief executive officer of Mobile Broadcasting Corp. would become the Company's sole director and chief executive officer, replacing Jackson L. Morris in both positions.

Mr. Bland stated: "This transaction combining the public company and the operating company will be more cost efficient and, I believe, will add tremendous value for current stockholders."

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.

Contact Information

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