- Mobile-XLTM Secures Additional Funds - .
LOS ANGELES - OCTOBER 15, 2007 - Mobile-XL announced today that it has received an SBA loan through Merchants Bank of California. The SBA's loan program helps qualified small businesses obtain financing.
"With so many distribution contracts signed in so little time and with this pent-up demand for our service, we had to go into high gear and meet the demand of our customers quickly. We were fortunate to meet with officials from the SBA who quickly agreed to extend the company credit facility with the cooperation of our bank, Merchants Bank, one of their approved lenders. We have tapped into a real need in the marketplace and we expect large, rapid growth as we continue to roll out this revolutionary product in more countries." Guy Kamgaing-Kouam, CEO - Mobile-XL "This is a great SBA program and we are very fortunate that the SBA understands the need of small businesses so well compared to institutional lenders".
According to Jacques Naffa, Merchants Bank of California, "We feel that Mobile-XL has excellent opportunities to succeed. But we especially value the product they developed and the benefits that people in countries, lacking the necessary infrastructure, would benefit from it by having access to most of what we take for granted here in the West. In a small way we feel that we contribute to the improvement of some conditions for our fellow men."
Mobile-XL secured an unspecified amount of money. Funds will be utilized for R&D and to deliver the service into the signed territories. New product development for the current generation as well as new software applications will ensure that Mobile-XL maintains its position as the "business to watch" in emerging markets.
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 Merchants Bank of California: Merchants Bank of California provides highly personalized international banking services with a Global Reach. Its international contacts are one of the top reasons its clients depend upon it to efficiently and confidently service their overseas financial needs. Merchant's Bank global network of correspondent banks in major financial centers allows it to provide its customers a Global Reach. Its veteran team of trade finance specialists has expertise in handling complex international trade transactions. It can personally assist its customers with customized solutions for their specific trade finance needs while protecting their interests. The combination of its Global Reach and Signature Service make its clients feel like they are doing business locally, even if their overseas trading partner is several thousand miles away.
About the SBA: The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.
"With so many distribution contracts signed in so little time and with this pent-up demand for our service, we had to go into high gear and meet the demand of our customers quickly. We were fortunate to meet with officials from the SBA who quickly agreed to extend the company credit facility with the cooperation of our bank, Merchants Bank, one of their approved lenders. We have tapped into a real need in the marketplace and we expect large, rapid growth as we continue to roll out this revolutionary product in more countries." Guy Kamgaing-Kouam, CEO - Mobile-XL "This is a great SBA program and we are very fortunate that the SBA understands the need of small businesses so well compared to institutional lenders".
According to Jacques Naffa, Merchants Bank of California, "We feel that Mobile-XL has excellent opportunities to succeed. But we especially value the product they developed and the benefits that people in countries, lacking the necessary infrastructure, would benefit from it by having access to most of what we take for granted here in the West. In a small way we feel that we contribute to the improvement of some conditions for our fellow men."
Mobile-XL secured an unspecified amount of money. Funds will be utilized for R&D and to deliver the service into the signed territories. New product development for the current generation as well as new software applications will ensure that Mobile-XL maintains its position as the "business to watch" in emerging markets.
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 Merchants Bank of California: Merchants Bank of California provides highly personalized international banking services with a Global Reach. Its international contacts are one of the top reasons its clients depend upon it to efficiently and confidently service their overseas financial needs. Merchant's Bank global network of correspondent banks in major financial centers allows it to provide its customers a Global Reach. Its veteran team of trade finance specialists has expertise in handling complex international trade transactions. It can personally assist its customers with customized solutions for their specific trade finance needs while protecting their interests. The combination of its Global Reach and Signature Service make its clients feel like they are doing business locally, even if their overseas trading partner is several thousand miles away.
About the SBA: The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.
# # # #
Media Contact:
Dana Mech
dana.mech@mobile-xl.com