PISCATAWAY, NEW JERSEY — (Marketwired) — 10/22/14 — Briken, LLC and Mobile Broadcasting Holding, Inc. (OTC: PROW), formerly Progress Watch Corporation, jointly announced today that they have entered into a Stock Exchange Agreement. Under the Agreement, Mobile Broadcasting Holding will reacquire Mobile Broadcasting Corp. as a wholly owned subsidiary. At closing, which is subject to satisfaction of certain conditions, Kenneth D. Bland will become the controlling stockholder and management of Mobile Broadcasting Holding.
Ken Bland, the owner of Briken and chief executive officer Mobile Broadcasting Corp., stated: “I believe that putting the power of our technology with the benefit we expect to derive from public stock ownership are two keys to a successful launch of our technology. I anticipate we can close the acquisition in a few days, after we complete certain housekeeping matters.”
Jackson L. Morris, the chief executive officer to Mobile Broadcasting Holding, added: “Completion of this stock exchange will restore our vision to Mobile Broadcasting Holding, which we originally announced as development and deployment of a mobile broadband communications platform that we were planning to support mobile broadband streaming of video content over 4G LTE networks, as we originally described it.”
The partially patented technology licensed by Mobile Broadcasting Corp. from Briken now includes a proprietary user application and communications platform, subject to completion of development, being built to broadcast and view live video streams of interactive original programming directly between smartphones and other mobile devices which currently communicate on 4G LTE and Wi-Fi networks, as well as for viewing our prerecorded live streams and video on demand programming (VOD).
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief and expectations of the Company and its management with respect to, among other things: (i) the Company–s financing plans; (ii) trends affecting the Company–s financial condition or results of operations; (iii) the Company–s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may”, “would”, “will”, “expect”, “estimate”, “anticipate”, “believe”, “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company–s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company–s reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
Only information that is publicly available will be provided.
Contacts:
Mobile Broadcasting Corp.
Kenneth D. Bland
Chief Executive Officer
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