SOURCE: Spot Mobile International Ltd.

February 17, 2011 12:15 ET

Spot Mobile International Ltd. Clarifies Schedule 13G/A Filed by Reporting Persons

MIAMI, FL--(Marketwire - February 17, 2011) - Spot Mobile International Ltd. (the "Company") (OTCBB: RPID). On February 11, 2011, PSource Structured Debt Limited, Valens U.S. SPV I, LLC, Valens Offshore SPV I, Ltd., Valens Offshore SPV II, Corp., Eugene Grin and David Grin (collectively, the "Reporting Persons") filed Amendment No. 3 to Schedule 13G/A with the Securities and Exchange Commission reporting their ownership position in the Company. According to the filed Schedule 13G/A, the Reporting Persons reported that they currently hold warrants to purchase an aggregate of 627,094 shares of the common stock of the Company. As of October 27, 2010, the Company effectuated a 1-for-30 reverse stock split of its common stock (the "Reverse Stock Split"). Under the terms of the warrants, both the number of shares subject to the warrant and the exercise price are required to be adjusted to reflect the Reverse Stock Split. Although the number of shares subject to the outstanding warrants as reported in the Schedule 13G/A filed by the Reporting Persons gives effect to the Reverse Stock Split, it appears that a corresponding adjustment was not made by the Reporting Persons with respect to the exercise price of the warrants. Under the terms of the warrants, the exercise price, as adjusted to reflect the Reverse Stock Split, is $0.30 per share of common stock, and not $0.01 per share as reported in the Schedule 13G/A. The Company has communicated this error to the Reporting Persons and has requested that a clarifying amendment be filed to the Schedule 13G/A as soon as possible.

About Spot Mobile International Ltd.

Spot Mobile International Ltd., through its wholly-owned subsidiaries, Mr. Prepaid, Inc. and Spot Mobile Corp., is a mobile virtual network operator (MVNO) offering prepaid mobile services and phones and SIM cards for use with unlocked GSM handsets such as BlackBerry, iPhone, and other smart devices, as well as transaction-based point of sale activation solutions through retailers in the United States. The Company has recently started distribution of its Spot Mobile prepaid wireless services through its distribution network and continues to add target customers.


This press release and other statements to be made by the Company contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, including but not limited to statements relating to projections and estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of management's plans, strategies, and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new products and services; and statements regarding future economic, industry, or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "project," and conditional verbs such as "may," "could," and "would," and other similar expressions. Such forward-looking statements reflect management's current expectations, beliefs, estimates, and projections regarding the Company, its industry and future events, and are based upon certain assumptions made by management. These forward-looking statements are not guarantees of future performance and necessarily are subject to risks, uncertainties, and other factors (many of which are outside the control of the Company) that could cause actual results to differ materially from those anticipated. Those factors include, but are not limited to, the risk factors discussed in our most recent filings with the United States Securities and Exchange Commission; the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for our products and services; our ability to gain market acceptance for our products and services; our ability to fund our operational growth; our ability to attract and retain skilled personnel; our ability to diversify our revenue streams and customer concentrations; our ability to successfully integrate the operations of acquired companies; and our reliance on third-party suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. These forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings.

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