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Metatron Inc. Announces Letter of Intent to Acquire i-Mobilize Inc.Previously Announced Partner Expected to Be Official Wholly Owned Subsidiary by Late August (July 28, 2009)
SAN DIEGO, CA -- (Marketwire) -- 07/28/09 -- Metatron Inc. (PINKSHEETS: MRNJ), today announced that it has entered into a Letter of Intent (LOI) with the shareholders of i-Mobilize Inc., a Delaware corporation, to acquire 100% of the outstanding common stock and make i-Mobilize a wholly owned subsidiary of the Company. The acquisition is expected to close within 20 business days and is subject to due diligence review. Terms were not disclosed.
i-Mobilize's mission is to be a leading global provider and developer of mobile applications for the iPhone, Palm's new Pre, BlackBerry, T-Mobile's G1 and other mobile devices. Strategy Analytics claims the mobile content market will reach $67 billion in 2009, up 18% from 2008.
Currently, i-Mobilize has two official mobile applications under review at Apple which management expects to be on Apple's store very soon. Once the first applications are approved, i-Mobilize has another five to ten applications to submit for review. In addition, the Company expects to acquire and move several individually owned applications under the i-Mobilize, and thus the Metatron, umbrella.
Commenting on the potential acquisition, Joe Riehl, CEO of Metatron, stated, "It has always been our strategy from day one to bring our partner companies into the Metatron family. With the surge of the mobile application market, we felt that i-Mobilize was the logical first choice. Its developers have been working diligently to bring quality applications to the Apple store and have a significant development pipeline. We are confident that with our marketing capabilities, we can reach our target markets with not only these apps, but others that we could have the chance to acquire in the future. The acquisition would definitely be in keeping with our overall strategic monetization business model.
"We also want to make clear that the company was approved by Apple as a seller within 30 days, far shorter than most companies. That is a timeframe normally reserved for individuals. However, it is not only immediate sales of applications that i-Mobilize can bring to our Company, but also the synergy with our other current and potential businesses. We are extremely pleased that the shareholders have agreed in principle to be part of our team moving forward."
About Metatron Inc.
Metatron Inc. is a diversified internet holding company with a mission to harness the power of today's online and wireless consumer interactivity to make daily life easier, more productive and more entertaining for people all over the world. Our objective is to acquire high potential internet properties and to monetize those operations based on our extensive experience and knowledge of Web 2.0, the second generation of web development and design that facilitates nearly universal communication, secure information sharing, interoperability, and collaboration on the web. The Metatron business model revolves around the direct acquisition of interests in private companies, as well as the creation of strategic partnerships or joint ventures with synergistic businesses. Currently, the Metatron partner companies address vertical market segments in the online dating, mobile application development and marketing, online payment processing, and internet consulting industries. For more information on the Company, please visit www.metatroninc.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results of the specific items described in this release, and the company's operations generally, to differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements, and we disclaim any obligation to update information contained in any forward-looking statement.
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