Friday, July 11, 2014

Mobile Lads Corp. (MOBO) Inks LOI for Xtreme Mobility Software Acquisition

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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