Vringo acquires mobile content services platform m-Wise

Video ringtones and mobile personalization solutions provider Vringo will acquire the assets of mobile software as a service platform provider m-Wise. Per terms of the agreement, Vringo will issue m-Wise 1.9 million shares of its common stock, a management retention package with options to purchase 500,000 shares of common stock, and pay off m-Wise's expenses and related costs totaling $615,000. In addition, Vringo will issue a five-year promissory note for $320,000, convertible into 200,000 shares of its common stock in exchange for certain services provided in conjunction with the deal.

The m-Wise platform enables mobile content owners and service providers to manage, deliver and monetize their media and applications. The platform powers more than three million transactions worldwide each day--customers include Universal Music Group, Thumbplay, Jesta Digital, Digicel and Snackable Media. For the nine months ending September 30, 2010, m-Wise reported sales of
$2.1 million, gross profits of $1.2 million and a net loss of $0.8 million.

Vringo enables consumers to create and share video-based ringtones--its service is now optimized for over 200 handset models. The firm said it will implement the m-Wise platform to introduce new video solutions and related mobile content services.

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