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February 20, 2008 |
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IPVG CORP: To Acquire 70% of MEGAMobile for PHP6.4 Million IPVG Corp. yesterday said it has entered into a Stock Purchase Agreement with shareholders of MEGAMobile, Inc., a local mobile technology provider and content developer. IPVG agreed to acquire 70% of the outstanding capital stock of MEGAMobile for a total acquisition cost of PHP6.4 million. IPVG plans to augment this investment further by infusing additional capital of an undisclosed amount to strengthen MEGAMobile's content pipeline, marketing programs and infrastructure. Chief Executive Officer of IPVG Corp. Enrique Y. Gonzalez said, "IPVG's investment into MEGAMobile marks our entry into the mobile content and value-added services (VAS) sector. This is an extremely exciting space given the Philippines' 55M subscribers base and high demand for mobile content. MEGAMobile gives IPVG an existing platform with strong developmental capabilities. This coupled with IPVG's infrastructure, communities and funding will make us a formidable player in this space. Expect allot of exciting products as a result of this partnership." The acquisition is still subject to legal and financial due diligence on MEGAMobile and for approval by IPVG's Board of Directors. Breaking New Ground The MEGAMobile transaction signifies another milestone for IPVG, as it enters the dynamic and highly competitive mobile services arena. The newly acquired company is known for creating new and compelling wireless platforms and technologies. Its addition to the conglomerate's current lines of business creates a new product that will form a synergy among its communications, outsourcing and online gaming operations, thus enabling the subsidiaries to reach out to its huge customer base and strategic distribution network. From its corporate headquarters in the Philippines, IPVG has established presence in Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA. MEGAMobile represents IPVG's fifth investment (through acquisition and signed binding agreement) in a span of only one year following: Globalstride Holdings, Inc. (call center facilities in the Philippines); IP-Converge Pte Ltd. (Singapore based IDC); Prolexic Technologies, Inc. (internet security provider with operations in the US, EMEA and Asia) and Interactive Teleservices Corporation (a US-based contact center with facilities in the United States, Panama and the Philippines). IPVG Corporation -- http://www.ipvg.com/ -- is engaged in the information technology and communications business with interests in Information Technology and Telecommunications; On- line Gaming; and Business Process Outsourcing. IPVG reaches its customers through collaboration with international corporations that have proven to be market leaders in their respective geographic markets and industries. Its current partners include Fortune 1000 companies listed on the New York Stock Exchange, such as Pacific Century Cyberworks Inc. and IDT. The company can offer established product and proprietary business knowledge to the Philippine market by pairing each of its business subsidiaries with strategic partners. The TCR-AP reported on May 15, 2007, that the corporation posted a net loss of PHP102.1 million for the year ended Dec. 31, 2006, the company's third consecutive annual net loss after PHP43.0 million in 2005 and PHP6.2 million in 2004. |
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