- Mobile-XLTM Closes Series A Round of Financing - .
LOS ANGELES - MAY, 2008 - Mobile-XL announced today that it has closed its Series A round of financing. The round of investment money comes from an Tech Coast Angels (one of the largest angel group in the US) and Finch Africa (a Bermuda based hedge fund investing in emerging markets).
"Our upcoming launches of the XLBrowser in 3 markets required solid financial backing. The positive feedback in the leads us to believe that we have tapped into a real need in these markets and we expect rapid growth as we continue to roll out this revolutionary product. We are pleased to have secure funding that should take the company well into the future" Guy Kamgaing-Kouam, CEO Mobile-XL.
"Mobile-XL has created an impressive investment opportunity. With technology being the pivotal impetus for change in emerging markets, the XLBrowser opens up endless opportunities for advancement in areas that are struggling to remain competitive. The product is revolutionary, affordable and distributable. At the same time, the marketplace is primed for rapid acceptance. It is a winning combination," commented Jenni Chamberlain, Finch Asset Management.
Funds will be utilized to expand the launch of the XLBrowser into new areas, and also for new product development for next generation and new software applications that will ensure Mobile-XL will maintain its status as a "company to watch" in the emerging markets sector.
About Mobile-XL: Mobile-XL is a California-based technology company focused on building value added services to mobile users worldwide. Mobile-XL's mission is to connect families, friends, communities and businesses by harnessing ubiquitous SMS technology. Mobile-XL products are revolutionary in offering connectivity and informational tools to areas with limited or expensive internet access. Mobile-XL allows mobile phone users to text message, chat, and access internet-based information from virtually anywhere. The company has a solid team of IT specialists including developers; computer science professionals; and network and systems engineers, most of which have come from developing countries. For more information, please visit www.mobile-xl.com.
About Finch Asset Management: Finch Asset Management is a leading provider of alternative asset management services to institutional investors across the globe. Established in 1999, the Firm offers access to a suite of investment funds that have successfully achieved outstanding risk-adjusted absolute returns with little correlation to traditional asset classes. We combine global macroeconomic research and portfolio management expertise with a proprietary manager research and operational due diligence process designed to ensure superior levels of both transparency and liquidity. The Firm's investment approach is complimented by its global reach with offices in New York, London, Harare, Lusaka, Johannesburg and Hamilton.
Tech Coast Angeles: The largest angel investor network in the United States, provides funding and guidance to the most early-stage, high-growth companies in Southern California. Since its inception in 1997, TCA members have focused on building valuable companies, personally invested $80M in 124 companies and helped portfolio companies attract $778M in additional capital, mostly from venture capital firms. TCA offers companies much more than capital. Members also mentor and coach entrepreneurs, help recruit additional management, and provide access to institutional investors and strategic partners. TCA has more than 270 members in its four networks in Los Angeles, Orange County, San Diego and Westlake/Santa Barbara.
"Our upcoming launches of the XLBrowser in 3 markets required solid financial backing. The positive feedback in the leads us to believe that we have tapped into a real need in these markets and we expect rapid growth as we continue to roll out this revolutionary product. We are pleased to have secure funding that should take the company well into the future" Guy Kamgaing-Kouam, CEO Mobile-XL.
"Mobile-XL has created an impressive investment opportunity. With technology being the pivotal impetus for change in emerging markets, the XLBrowser opens up endless opportunities for advancement in areas that are struggling to remain competitive. The product is revolutionary, affordable and distributable. At the same time, the marketplace is primed for rapid acceptance. It is a winning combination," commented Jenni Chamberlain, Finch Asset Management.
Funds will be utilized to expand the launch of the XLBrowser into new areas, and also for new product development for next generation and new software applications that will ensure Mobile-XL will maintain its status as a "company to watch" in the emerging markets sector.
About Mobile-XL: Mobile-XL is a California-based technology company focused on building value added services to mobile users worldwide. Mobile-XL's mission is to connect families, friends, communities and businesses by harnessing ubiquitous SMS technology. Mobile-XL products are revolutionary in offering connectivity and informational tools to areas with limited or expensive internet access. Mobile-XL allows mobile phone users to text message, chat, and access internet-based information from virtually anywhere. The company has a solid team of IT specialists including developers; computer science professionals; and network and systems engineers, most of which have come from developing countries. For more information, please visit www.mobile-xl.com.
About Finch Asset Management: Finch Asset Management is a leading provider of alternative asset management services to institutional investors across the globe. Established in 1999, the Firm offers access to a suite of investment funds that have successfully achieved outstanding risk-adjusted absolute returns with little correlation to traditional asset classes. We combine global macroeconomic research and portfolio management expertise with a proprietary manager research and operational due diligence process designed to ensure superior levels of both transparency and liquidity. The Firm's investment approach is complimented by its global reach with offices in New York, London, Harare, Lusaka, Johannesburg and Hamilton.
Tech Coast Angeles: The largest angel investor network in the United States, provides funding and guidance to the most early-stage, high-growth companies in Southern California. Since its inception in 1997, TCA members have focused on building valuable companies, personally invested $80M in 124 companies and helped portfolio companies attract $778M in additional capital, mostly from venture capital firms. TCA offers companies much more than capital. Members also mentor and coach entrepreneurs, help recruit additional management, and provide access to institutional investors and strategic partners. TCA has more than 270 members in its four networks in Los Angeles, Orange County, San Diego and Westlake/Santa Barbara.
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Media Contact:
Dana Mech
dana.mech@mobile-xl.com