Science & Technology
Science and Technology
Science and Technology
Wed, April 24, 2013
Tue, April 23, 2013 LX Ventures Enters Term Sheet to Acquire Mobio Technologies Inc.
April 23, 2013 12:00 ET
LX Ventures Enters Term Sheet to Acquire Mobio Technologies Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 23, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") and Mobio Technologies Inc. ("Mobio") are pleased to announce that LXV has entered into a term sheet to acquire Mobio.
Mobio's flagship product, Mobio INsider, is a leading fan-directed content network for social media influencers and their fans. Since its launch in June 2012, Mobio INsider has helped music stars with 10 thousand to 28 million social fans such as Jacob Latimore and Cher Lloyd accelerate their careers, create content requested and voted on by their top fans, and increase revenues from their social media platforms. As part of the INsider experience, the artist's fans can engage with brand partners to unlock fan directed content (artist pictures, videos, and answers) before their peers, creating new career supporting revenue.
LX Ventures is excited to accelerate the growth of Mobio and plans to take its fan-directed content platform and expand its capabilities to a broader group of influencers including actors, athletes, and celebrities alike. The platform has recently been monetized and has a clear revenue model that leverages mobile devices. "Mobio's incentivized advertising technology is a natural fit for our AdTech market vertical. Together, we will internally innovate and deliver revolutionary ways for brands to reach their target consumers across multiple market sectors," said Mike Edwards, CEO of LX Ventures.
Clovis Najm, Founder and CEO of Mobio, said, "It's exciting to become part of LXV as their experience and connections to all influencers and large advertisers is incredibly broad. Their team has the skills to accelerate the expansion of Mobio into the global offering we have all been working towards."
Transaction terms:
LXV has an exclusive period within which to finalize a definitive agreement. The term sheet remains subject to negotiation and execution of a definitive agreement on or about April 30, 2013. Consideration for the acquisition is contemplated to be 2,000,000 LXV common shares, in addition to certain revenue sharing provisions. The vendors of Mobio will also be granted the right to repurchase an interest in the operating subsidiary of Mobio under certain conditions.
About LX Ventures Inc.
LX Ventures is a publicly traded incubator that launches, integrates, and acquires early stage high growth technology companies. We are a group of entrepreneurs dedicated to developing the next generation of entrepreneurs by providing funding, resources, mentorship, and access to our global network. We are in the business of building businesses. Our approach is twofold: we either partner with existing companies to assist with distribution and scaling or we internally innovate from idea generation through to launch and exit. For further information about LX Ventures, its technology, collaborations and partnerships, please visit: [ www.lxventures.com ].
About Mobio Technologies Inc.
Mobio Technologies flagship product, Mobio INsider, is a leading fan directed content network and gamification platform that rewards music fans with content they have a hand in creating from the artists they love and connects brands to their desired audiences. The platform successfully reaches its core target audience - teens and tweens - through a highly engaging social game, while increasing the artist's social media following and boosting awareness of brand partners. The company is headquartered in Vancouver, British Columbia. To learn more, please visit [ www.mobio.net ].
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at [ http://www.sedar.com ].
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
