Acquisition Signals Mobestar's Readiness to Enter Expansion Phase
LONDON -- Mobestar Holdings PLC (LSE:MOBS)(FWB:M6V):
Mobestar today announced a definitive agreement to acquire the trade and assets of the privately-held United Kingdom based company Mobile Life Consulting Ltd. Mobile Life provides an application which will allow Mobestar to extend access to its mobile video dating services to 3,000 wireless devices, PCs, and to emerging interactive and digital channels worldwide.
In January 2006, Mobestar announced FACE a new multi media call switching technology that allows anonymous or nick-name rather than telephone number based, video connectivity between mobile telephones. This, for the first time, allowed on-line dating and on-line social networking businesses, outside of Japan, to meet regulatory requirements and to offer mobile video dating services to their customers. The company secured world wide patent protection for its FACE technology and in September 2006 announced as its launch customer the UK's largest on-line dating business, QSoft Ltd and a contract to provide mobile video dating services to its 1.1million UK users. Technical and regulatory requirements concerning user anonymity, more easily addressed in Japan's non standard proprietary mobile network, had prior to Mobestar's releasing FACE, prevented a mobile video dating market from emerging elsewhere. In Japan this market is estimated to be worth in excess of $400 million annually.
Mobile Life and Mobestar together provide a secure safe numberless and universally accessible technology layer from which video dating and other personal services can be accessed anonymously from any mobile or wireless device. This broadens the market and creates new opportunity for community owners worldwide allowing mobile video dating services to be integrated with existing on-line, television and other community platforms to create new cross media, reality and highly interactive products for the digital age.
"The FACE platform for the first time provides dating, social networking and television communities an opportunity to leverage the uniquely personal nature of the mobile phone and to bring the excitement and immediacy of live mobile video calling to their customers" said Peter Richards Mobestar's Chief Executive Officer.
Under the terms of these agreements, Mobestar will pay approximately GBP 350,000 in cash or stock for Mobile Life's trade and assets. The acquisition is subject to various standard closing conditions, including applicable regulatory approvals, and is expected to close in the current quarter.
Mobile Life was founded in October 2002 and is based in Bristol South Gloucestershire.
Mobestar Holdings PLC Paul Robinson Chairman +66 (0)866204838 office +44 (0) 845 4900 565 web www.mobestar.com
Copyright Business Wire 2006. All Rights Reserved