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MobileBits Provides Update on Key Business Milestones

Targets robust new business growth in fiscal 2012

LOS ANGELES, Feb. 13, 2012 /PRNewswire/ -- MobileBits Holdings Corp., (OTCBB: MBIT), a global technology company that provides premium end-to-end social platforms that enable enterprises to manage and monetize their entire digital presence via content, ads, and commerce to any device, today provided an update on its business and certain key milestones, as well as the financial results for the fiscal year ended October 31, 2011.

"MobileBits has made significant progress since implementing the initial stages of its business strategy following the merger with Pringo, Inc. in early-December 2011.  During this time the company has introduced the Pringo Connect software platform, expanded its sales force, increased the number of programmers on staff and launched new sales and marketing initiatives," stated Majid Abai, Chief Executive Officer of MobileBits.  "While there is still a lot of work to be done, we are already building our customer base and closing sales opportunities."

MobileBits recently signed several new customer agreements, expanded agreements with some of its existing customers, and has established a growing sales pipeline.  Currently, this new business pipeline has over 100 quantifiable new customer leads, and it is growing by the day.  

"We believe that MobileBits is poised for strong and rapid growth in 2012 as it continues to implement its strategy.  This progress is being driven by the Pringo Connect platform, which has quickly garnered attention in the market as a robust solution for enterprises looking to scale their entire social and digital strategies.  Further the Pringo Connect platform enables a seamless connection to Android, iOS and BlackBerry devices, providing a unified user experience across mobile and tablets devices," concluded Mr. Abai.

Recent corporate highlights:

  • Completed merger transaction with Pringo (a leading enterprise social media company) in early December 2011
  • Completed software platform integration and launched Pringo Connect a premium end-to-end social platform that enables enterprises to manage and monetize their entire digital presence via content, ads, and commerce to any device
  • Closed 4 new contracts  after merger, totaling nearly $1.0 million in recurring license revenue and services demonstrating the demand for the platform
  • Serving a total of 10 customers with ongoing agreements, plus new agreements with Total Car Score, UB Sports and Filmbreak
  • Quickly growing the new business pipeline; currently working on additional 100+ new customer proposals and RFPs
  • Closing in on 1,000,000 active social users in the MobileBits client network
  • Increased the headcount for the sales and marketing teams; MobileBits plans to hire additional sales people and developers by the end of 2012 in order to keep up with increased demand from new customer agreements

Financial results for Fiscal 2011:

MobileBits and Pringo reported pro forma consolidated financial results, which gives effect to the merger of Pringo to MobileBits for the applicable period reported.  This financial information can be found in Exhibit 99.2 of our Form 8-K (Amendment No.1) filed today. MobileBits also reported today in its Form 10-K  its financial results for the fiscal year ended October 31, 2011, which excludes any financial results for Pringo since the merger between MobileBits and Pringo closed after the end of the fiscal year. Both filings can be found at www.sec.gov.

About MobileBits
MobileBits Holdings Corp. is a global technology company that provides premium end-to-end social platforms that enable enterprises to manage and monetize their entire digital presence via content, ads, and commerce.  Through its proprietary Pringo Connect platform, MobileBits delivers social and rich media solutions to any device. To learn more, visit www.mobilebits.com.

For more information contact:
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
P: 212-896-1215 / 212-896-1250
Email: [email protected] / [email protected] 

Forward-Looking Safe Harbor Statement:

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include our ability to: attract end users; attract advertisers; our ability to successfully implement our current long-term growth strategy; as well as product demand, market competition, fluctuations in advertising payouts, delays in website & application development, technical issues beyond our control, reliance on the various platforms that we build applications on, and risks inherent in our operations. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.

 

SOURCE MobileBits Holdings Corp.

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