Progress Watch Announces License for Mobile Broadband Communications Platform
TAMPA, FLORIDA -- (Marketwired) -- 06/30/14 -- Progress Watch
Corporation (PINKSHEETS: PROW) today announced that its new Mobile
Broadcasting Corp. subsidiary has entered into an exclusive license
agreement with Briken, LLC to license a mobile broadband
communications platform that is planned to support mobile broadband
streaming of video content over 4G LTE networks.
The license grants the Company's subsidiary full use of the
technology covered by two pending patent applications submitted by
Kenneth D. Bland, Briken, LLC's sole member. The technology is
believed to offer an improvement in delivery of video content over
mobile broadband, including quality and length. The user applications
are being configured for use on the iOS system for iPhones and the
Android system for HTC and Samsung handsets, among others.
Payment for the license includes a combination of voting preferred
stock, common stock, a cash payment due in one year and a royalty
based on sales. The combination of voting preferred stock and common
stock will result in acquisition of majority ownership of the
Company's subsidiary by Briken, LLC.
Jackson L. Morris, Chief Executive Officer of the Company, said, "The
license of Briken's technology is a milestone toward achieving the
stated business direction we have previously announced for the
Company. And, as our subsidiary's director and chief executive
officer, Mr. Bland brings to management experience in finance, sales
and marketing in telecommunications resulting from his earlier
employment by Kalen Communications, Phone Two Communications,
Broadway Communications and AT&T."
Mr. Bland stated: "This license represents an opportunity to develop
and commercialize a technology that, I believe, will receive broad
market acceptance. Additional details of the technology's
functionality will be made available in the near future. We plan to
roll out an initial market test before year-end."
The Company's name change to Mobile Broadcasting Holding, Inc. in
Nevada was effective May 27, 2014. The Company plans to submit an
application to FINRA later this week for a market announcement of the
name change. The Company is committed to keeping the investment
community updated on the Company's activities and progress.
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.
Progress Watch Corporation
Jackson L. Morris
Chief Executive Officer
Only information that is publicly available will be provided
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