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Vringo Reaches 100,000 Subscriber Milestone in Malaysia(November 11, 2010)
NEW YORK, Nov. 11, 2010 (GLOBE NEWSWIRE) -- Vringo, Inc. (NYSE Amex:VRNG), a provider of video ringtones and personalization solutions for mobile devices, today announced that it has exceeded 100,000 subscribers in Malaysia together with its partner and the country's leading integrated communications provider, Maxis.
This milestone is noteworthy in that Vringo has achieved roughly one percent penetration of the Maxis subscriber base in Malaysia in less than one year following the initial commercial launch. Maxis' subscriptions total 12.97 million as at June 30, 2010, and the company is also the leading regional content player with 36.6% of non-voice revenue.
Vringo's operational goal is to achieve at least one percent penetration of the subscriber base for each new commercial service it launches in any given geography.
Andrew Perlman, Vringo's President, said, "We are pleased to have achieved the 100,000 subscriber milestone in Malaysia, this is an important milestone for adoption of the Vringo service. By meeting this target we have further validated our business model which we look to replicate in Singapore, the U.S. and the UK later this year with our partners StarHub, Orange and Verizon."
Added Kee Saik Meng, Maxis' Head of Games and Social Network, "The pace of adoption for our joint Maxis-Vringo service has grown dramatically in the month of October and continues today. In fact, we are now adding new subscribers at a rate of well over 1,000 each day. As Maxis continues to forge strategic partnerships and grow an ecosystem of next generation services, these early landmarks bode well for long-term growth of the Vringo video ringtone and other wanted entertainment services from Maxis."
Vringo's fully-hosted carrier platform is currently deployed for international mobile partners in five markets, with several new launches anticipated soon. Vringo's scalable, cloud-based distributed application architecture enables a carrier's subscribers to browse and download mobile videos, set them as video ringtones and instantly share them with friends. In addition to carrier partners, Vringo has content partnerships with major artists, celebrities and content providers including T-Pain, Muhammad Ali, Tiesto, Turner, Marvel, Hungama Mobile, RTL and Ingrooves.
Founded in 2006, Vringo (NYSE Amex:VRNG) is bringing about the evolution of ringtones. With its award-winning video ringtone application and mobile software platform, Vringo transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience. By installing Vringo's application, which is compatible with more than 200 handsets, users can create or take video, images and slideshows from virtually anywhere and make it into their personal call signature. Vringo's patented VringForward™ technology allows users to share video clips with friends with a simple call. Vringo has launched its service with various international mobile operators and dozens of content partners, and maintains a library of more than 5,000 video ringtones. For more information, visit http://ir.vringo.com.
For more information about how video ringtones work, visit www.vringo.com/p_video_ringtones.html.
The Vringo, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8289
Maxis Berhad ("Maxis") is Malaysia's leading integrated communications provider. Maxis presently offers Malaysia's widest variety of smartphone devices together with all major mobile operating systems, and in the middle of this year was first in the country to commence trials of LTE, the next generation of mobile technology for the highest quality of mobile internet experience. Maxis also launched in September the Maxis 1Store, Malaysia's first applications store, to further expand customer experience of uniquely relevant applications as well as to grow Malaysia's content development landscape. Maxis' most recent device launches include: the iPhone 4 together with greater affordability and increased volume of data, as well as the HTC Wildfire, Sony Ericsson Xperia X10Mini and Motorola Backflip to add to its leading range of Android phones; and the Samsung GALAXY Tab.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Vringo expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
CONTACT: Vringo, Inc.
Jonathan Medved, CEO
+1 646-525-4319 x 2501
Crescendo Communications, LLC
Investor Relations Firm:
John J. Quirk
David K. Waldman
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