Asset Sale - Domain Name

RNS Number : 5777X

Mobile Streams plc

08 December 2010

 



 Mobile Streams plc

("Mobile Streams" or "The Company")

Asset Sale- Domain Name

London - (AIM: MOS) - 8 December 2010 - Mobile Streams announces today that it has sold its premium URL Ringtones.com to an unconnected third party for a cash consideration of US$750,000.  After taking into consideration a carve-out through which Mobile Streams retains ownership of specific Latin American Ringtones.com sub-domains for an interim transitional period, the net cash consideration for the asset sale is US$575,000.

Simon Buckingham, CEO of Mobile Streams said: "Ringtones.com was the domain name that started the Mobile Streams content business. However, as we reinvent the company for the coming wave of open mobile services and apps, we are looking ahead to the exciting opportunities that our new Appitalism.com service presents.  We want to ensure that the company has the appropriate financial resources necessary to take full advantage of the rapidly growing apps market."

The Company will use funds from the sale to invest at appropriate and judicious levels in capitalising on the significant opportunities for its new Appitalism.com apps, games, music and eBooks service in 2011.

-ends-

Enquires:

Mobile Streams                                                         [phone]

Simon Buckingham, Chief Executive Officer

Ian Brewer, Director

Victoria Tayler, Public Relations Manager             [phone]

Nominated Adviser

Grant Thornton UK LLP                                             [phone]

Philip Secrett

Broker

Singer Capital Markets Limited                              [phone]

Jeff Keating

 

END

 

 

DISKKFDPCBDKDBK