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MacroSolve Signs LOI for Distribution & Marketing of Its DineInsight Restaurant App in Europe(May 25, 2011)
TULSA, OK -- (Marketwire) -- 05/25/11 -- MacroSolve, Inc. (PINKSHEETS: MCVE) (OTCQB: MCVE) ("MacroSolve" or the "Company"), a leading provider of mobile technologies, apps and solutions for business, today announced it has signed a non-binding Letter of Intent (LOI) with U.K.-based App Innovations, Ltd. Per the terms of the LOI, MacroSolve and App Innovations will negotiate an agreement for App Innovations to have a non-exclusive right to market and distribute MacroSolve's DineInsight restaurant app in the United Kingdom and other to be agreed upon markets.
MacroSolve is expected to provide its patented technology, as well as technical assistance, to the cooperative distribution agreement. App Innovations is expected to directly market the app to pubs and restaurants, as well as providing customization of the apps, and extended customer services including social marketing and support.
"This LOI provides a framework to take our patented mobile business apps into international territories on a large scale for the first time. Although we have had some international customers in the past, an agreement with App Innovations will enable us to distribute significant numbers of apps to thousands of pub and restaurant establishments in Europe. This is very much in line with our strategy of working with distribution partners to reach new markets and ramp up revenues," stated MacroSolve President and CEO, Clint Parr.
App Innovations is a U.K.-based company that brings together the skills, experience and contacts of two well established and successful U.K. businesses, Pub & Retail Consultants and JDP U.K. Ltd. Both Pub & Retail Consultants and JDP U.K. have been in business since the mid-1990s, serving all major national pub and restaurant chains in the U.K. They provide technologies including Point-of-Sale devices and other services that improve restaurant economics by driving increased revenues and reducing operating costs. Outside of the U.K., the companies are currently selling into Ireland, Spain, Malta, Dubai, Jamaica and Canada.
DineInsight, powered by ReForm XT, a patented mobile app platform, is a powerful marketing and promotion tool for restaurants, providing a custom, concept-branded mobile application for iPhone, BlackBerry, Android and other mobile services.
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, 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 wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012 according to Chetan Sharma Consulting. The Company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com) and Illume Mobile (http://www.illumemobile.com). For more information, visit MacroSolve (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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