Mobile Lads, a
provider of wireless transaction software solutions, has entered into a letter
of intent for the exclusive acquisition of the Xtreme Mobility Assets from
7611544 Canada Corp. for $9 million.
“We’re very pleased
to be moving into one of the final stages of completing this important
acquisition after performing extensive due diligence,” Michael Paul, president
of Mobile Lads, stated in the news release. “The technology and intellectual
property assets solidify our position as a leading provider of wireless
transaction software solutions, while also accelerating our business plan to
enable innovative, wide-area communication solutions on a global scale.”
Mobile Lads’ current
products and services, offered through its Xtreme Mobility division, centers on
three core technologies designed to simplify and secure wireless
communications: xmVerify, xmBilling, and xmOne.
The Xtreme Mobility
assets include software and associated patent(s) related to mobile payment
authentication and processing. The flagship product, xmVerify, is a real-time
mobile transaction security service that prevents credit card fraud by giving
users control over the authorization process when making purchases. The product
uses one of the leading cryptographic services and is in compliance with all
available platforms.
The impending asset
purchase also includes the Xtreme Mobility patent, which covers “a methodology
to verify a transaction via a secure two-way verification process on a mobile
device.” Mobile Lads believes that utilization of this methodology will create
significant licensing opportunities due to its increasingly widespread
acceptance and application in the industry.
Lastly, the
acquisition covers the xmBilling and xmOne products. xmBilling is a mobile
platform that provides customers with a convenient and secure way to review and
authorize automatic billing transactions, easing the challenges of automated
and volume-based billing. xmOne mobile platform provides an array of encrypted
mobile services, including top-up, payment processing, emergency notification
and marketing, and is an ideal solution for students and higher education
facilities as the platform can interface with a school’s existing campus card
account system to enable students to perform a variety of banking transactions
from their cell phones.
For more
information, visit www.mobilelads.com
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