Livewire Mobile, Inc. Closes $800,000 In New Funding
May 17, 2012
OTC Disclosure News Service
Littleton, MA –
Livewire Mobile Closes $800,000 in New Funding
LITTLETON, MASS., May 2012, Livewire Mobile, Inc., (otcmarkets: LVWR), the one-stop digital content solutions provider for carriers, consumer device manufacturers, media companies, and consumers, today announced that the Company closed debt funding totalling $800,000 in senior secured convertible notes with three existing note holders on May 2, 2012. The notes mature on June 8, 2013, bearing interest at 10% per annum, and are convertible into common stock at any time at the option of the note holders at an initial conversion rate (subject to adjustment) of $0.37 per common share. The notes are secured by all of the assets of the Company and contain certain operating and financial covenants applicable to the Company. Quarterly interest on the new notes is earned from the date of issuance and is payable the first day of each following quarter,beginning July 1, 2012.
This brings the total of senior secured notes funding raised to $4.4 million since June 2011.
Matthew Stecker, President and CEO of Livewire Mobile, said “We are pleased to close this additional round of funding, and enjoy the continued support of our investors as we continue the transition of our business to support the global smartphone explosion.”
For more information contact:
Livewire Mobile Media and Investor Relations:
Todd Donahue, CFO
t: +1 978 742 3167
North America:Erin Schweppe, VP Marketing
t: +1 978 742 3155
EMEA: Dave Moreau, COO
m: +44 7887 645 835
About Livewire Mobile
Livewire Mobile, Inc. (otcmarkets: LVWR) is a Mobile Internet powerhouse with one of the most comprehensive one-stop digital entertainment solutions for network operators, consumer device manufacturers, brands and media companies entering the mobile market. The company’s integrated suite of content services includes applications, video games, ringback tones, ringtones, DRM-free full-track music, e-books and more as well as application and portal development, mobile advertising solutions,integrated content publishing and merchandising, and turnkey managed VAS operations. For more information, please visit www.livewiremobile.com.
Livewire Mobile is a registered servicemark of Livewire Mobile, Inc. All other trade names are the property of theirrespective owners.
Statements other than historical facts included or referred to in this Press Release are “forward-looking statements”including forward-looking statements about the transition of our business to support the global smartphone explosion. These statements are based on management’s expectations as of the date of this document and are subject tou ncertainties and changes in circumstances. Actual results may differ materially from these expectations due to risks and uncertainties including,but not limited to, uncertainties with respect to the transition of our business to support the global smartphone explosion. In addition, while management may elect to update forward-looking statements at some point in in the future, management specifically disclaims any obligation to do so, even if its estimates change. Any reference to our website in this press release is not intended to incorporate the contents thereof into this press release or any other public announcement.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.