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MacroSolve Signs Investment Banking Agreement With Source Capital Group(June 02, 2010)
TULSA, OK -- (Marketwire) -- 06/02/10 -- MacroSolve, Inc., (OTCBB: MCVE), a leading provider of mobile business apps, announced today that it has signed an investment banking agreement with Westport, Connecticut based Source Capital Group, Inc. Source Capital Group's Investment Banking division raises capital for high-growth small cap companies in industries including telecommunications. The investment banking firm also offers after-market support and distribution of selected equities through its network of retail offices in nine states throughout the U.S.
"Source Capital has deep industry knowledge in our space. They understand the value of our mobility technologies and our potential to capture a meaningful share of the growing $5 billion mobile business app market. We are pleased to work with them and look forward to deploying growth capital which will enhance our competitiveness in the market and build shareholder value," stated MacroSolve president and CEO Clint Parr.
"MacroSolve plays in the sweet spot of mobility, digital media and e-commerce/m-commerce," stated Vik Grover, CFA, who leads telecom and digital media investments at Source Capital Group.
"Within the next few years, mobile data subscribers will surpass fixed broadband subscribers. At the same time, the shift of content and applications to the mobile web is accelerating, forcing enterprises and institutions to integrate mobility into their sales, marketing and operational plans. MacroSolve's mobile app development platform, ReForm XT, was developed over the past decade at a cost of millions of dollars and tens-of-thousands of man hours. Because it is compliant with all major mobile operating systems, we believe it has the potential to generate substantial revenues from direct and indirect sales and licensing. We look forward to introducing MacroSolve to numerous potential strategic partners and investors over the coming weeks," continued Grover.
MacroSolve has over 13 years of experience in the mobile marketplace and delivers the bottom-line benefits of mobility to organizations while specializing in serving small and medium-sized businesses and government. MacroSolve's patent-pending ReForm XT, a mobile app development platform, is being deployed by a growing number of businesses across a broad array of enterprise uses and vertical markets. Apps powered by ReForm XT are available on iPhone, BlackBerry, Windows Mobile, and will be available on Android in the 4th quarter 2010. The company's DineInsight and ClubInsight branded mobile business apps, both 'Powered by ReForm XT,' serve the needs of the restaurant and hospitality industry; and golf, sports and membership clubs industry, respectively. The apps are sold through app stores, as well as directly by MacroSolve and a growing network of resellers and licensees.
About Source Capital Group
Source Capital Group, Inc. was founded in 1992 by a management team with extensive financial industry experience at firms such as Bankers Trust, Chemical Bank, and Smith Barney. Source Capital began as a boutique investment banking firm specializing in small to medium-sized transactions, and the firm continues to focus its investment banking activities in those segments of the market. Source Capital has grown to include businesses in general securities, emerging market securities, distressed and high yield debt securities, investment management, mortgages, and business lending. For more information about Source Capital Group please visit www.sourcegrp.com, and for Vik Grover's bio please visit http://www.sourcegrp.com/grover.html.
MacroSolve, Inc. is a pioneer in delivering mobile apps and solutions to businesses and government. Founded in 1997, the company has an extensive network including the top name brands in wireless hardware and software as well as carriers. MacroSolve's mission is to become the leader in delivering mobile business apps, a market projected to grow by double digits to $11.6 B by 2012. The company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com/). For more information, visit http://www.macrosolve.com/ or call 800-401-8740.
Safe Harbor Statement
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
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