UpSNAP Files 10-KSB for FY2007 and Reports Net Revenue Up 27.9 Percent
24 January 2008 - 8:30AM
PR Newswire (US)
The company's mobile content library now provides over 1,000
channels DAVIDSON, N.C., Jan. 23 /PRNewswire-FirstCall/ -- UpSNAP,
Inc. (http://www.upsnap.com/) (OTC:UPSN.OB) (BULLETIN BOARD:
UPSN.OB) , provider of free mobile search and streaming mobile
audio entertainment, today announced it filed Form 10-KSB, as of
January 15, 2008, with the SEC for the fiscal year ended September
30, 2007. Net revenue for the FY2007, increased by $207,000, or
27.9%, compared with the FY2006. For FY2006, UpSNAP only had three
quarters of revenue versus a full four quarters for the FY2007. In
2007, UpSNAP entered into an Agreement and Plan of Merger with
Mobile Greetings, Inc.
(http://www.mobilegreetings.com/frm/login.php?xs=true&referrer=index.php)
(MGI), a creator/publisher of mobile phone products and services.
The merger will broaden delivery services to all mobile
subscribers, regardless of their carrier or phone type. "We're
excited about the pending merger with MGI and the value it brings
to the bottom line. We anticipate the merger will increase combined
annualized revenue and generate profitability by the end of FY2008,
dependent on the timing of the closing of the merger agreement. Now
we can offer consumers the richest experience possible and give
advertisers the potential to reach everyone with a mobile phone
with one integrated offering," said Tony Philipp, CEO. In 2007,
UpSNAP continued to broaden its catalog of free/premium streaming
audio content from premier brands, including Sporting News Radio,
Lincoln Financial's Bob and Sheri Show, Troy Aikman Show, Tony
Bruno Show, Inside Track Show (NASCAR), and Batanga (Hispanic
music). Its content library includes 150+ content providers with a
wide selection of channels ranging from radio to sports coverage
and podcasts. UpSNAP continued to coordinate several new
distribution deals and signed several new partners to further
integrate its services with businesses throughout the nation
including: -- go2 Media(TM), a company focused on the growing user
demand for more localized, personalized mobile content. The goal is
to further integrate UpSNAP's audio services into the go2 mobile
portal for the benefit of go2's millions of U.S. mobile consumers.
-- Cablevision, News 12 Networks. The goal is to enable Cablevision
customers to receive real time news on demand, traffic and weather
for the seven coverage areas surrounding New York City via their
cell phones. About UpSNAP, Inc. UpSNAP is a leader in mobile search
and live mobile audio entertainment. With a rich library of branded
multimedia content and true mobile search technology, UpSNAP
effectively delivers compelling mobile content to consumers,
including text and audio content from major entertainment companies
in sports, news, music, and information. Visit
http://www.upsnap.com/ for more information. Safe Harbor
Forward-Looking Statements Forward-looking statements made in this
release are made pursuant to the "safe harbor" provision of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements made herein are not a guarantee of future performance.
This news release includes forward-looking statements, including
with respect to the future level of business for the parties. These
statements are necessarily subject to risk and uncertainty. Actual
results could differ materially from those projected in these
forward-looking statements as a result of certain risk factors that
could cause results to differ materially from estimated results.
Management cautions that all statements as to future results of
operations are necessarily subject to risks, uncertainties and
events that may be beyond the control of UpSNAP and no assurance
can be given that such results will be achieved. Potential risks
and uncertainties include, but are not limited to, the ability to
procure, properly price, retain and successfully complete projects,
and changes in products and competition. CONTACT: Wendy Headrick
UpSNAP, Inc. 704-895-4121 DATASOURCE: UpSNAP, Inc. CONTACT: Wendy
Headrick of UpSNAP, Inc., +1-704-895-4121 Web site:
http://www.upsnap.com/
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