Vringo, Inc. (NYSE Amex: VRNG), a provider of software platforms
for mobile video applications and video ringtones, today announced
that it has entered into a Strategic Cooperation Agreement (the
“Agreement”) with m-Wise, Inc. (OTCBB: MWIS), a technology expert
in mobile content management and delivery.
The Agreement supersedes prior arrangements and proposed
transactions between the companies, including the non-binding
Letter of Intent entered into between the parties on March 8, 2011,
pursuant to which Vringo agreed, subject to certain conditions, to
purchase all or substantially all of the assets of m-Wise, which
has been terminated.
Under the terms of the Agreement, the parties agree to cooperate
on projects while retaining their respective intellectual property
and independent operations. In addition, the parties agree to make
introductions and referrals to the products and services of the
other party and will receive commissions for successful referrals.
Vringo will also license m-Wise’s MOMA platform to build and sell
services. The Agreement allows Vringo and m-Wise to continue to
work closely together and expand joint sales and marketing
opportunities with leading content owners and service providers
within the mobile communications arena. Financial terms of the
Agreement are not being disclosed.
"We believe this strategic agreement is a positive step forward
for both Vringo and m-Wise," said Jon Medved, Vringo's Chief
Executive Officer. "Vringo and m-Wise have already begun to work
together and our teams have jointly worked on the launch of several
upcoming services. By formalizing our cooperation, we will be able
to continue to utilize m-Wise’s rich back-end server technology in
conjunction with our significant video application capabilities. We
intend to work closely with m-Wise to release multiple new video
and other mobile consumer services to our growing family of content
and carrier partners."
m-Wise provides a platform used by leading content owners and
service providers to manage, deliver and monetize mobile
entertainment, content and applications. The m-Wise mobile software
as a service (SaaS) platform is used to power over three million
daily mobile service transactions world-wide, and m-Wise has
performed over one billion mobile transactions in the aggregate
since it was founded in March 2000.
m-Wise's platform has been utilized in over 300 applications
across more than 50 mobile networks by more than 50 international
content and media providers. m-Wise's current customers include
leading companies such as SendmeMobile (formerly Thumbplay), Jesta
Digital (formerly Fox Mobile Group), Universal Music Group, Digicel
and Snackable Media. These m-Wise-enabled applications for content
and media partners include content delivery services, ringtones,
music, video, games, information services, alerts and advertising
and promotions, all of which were developed and delivered from the
cloud on a hosted basis.
Zach Sivan, m-Wise's CEO, commented, "We look forward to
strengthening our relationship with Vringo as a key partner,
leveraging our product strengths to offer content and media
providers the solutions they require in order to provide value
added mobile services. We believe our partnership with Vringo will
help provide a rich end-to-end mobile application service platform
to an expanded list of customers, as well as directly to
consumers."
Vringo offers a range of fully-hosted mobile video platforms for
partners and consumers. Vringo’s award winning video ringtone
platform is currently deployed with international partners in eight
markets with new launches anticipated in the current quarter.
Vringo's scalable cloud-based distributed application architecture
enables the partners’ subscribers to browse and download mobile
videos, set them as video ringtones and instantly share them with
friends. Vringo also has content partnerships with major content
providers including EMI, T-Pain, Tiesto, Muhammad Ali, Turner,
Marvel, Discovery Mobile, RTL, Ingrooves and Agence
France-Presse.
About m-Wise
Founded in 2000, m-Wise has established itself as a leading
international provider of enabling technologies for the mobile
entertainment and marketing industries, powering market leaders
such as SendmeMobile (formerly Thumbplay), Jesta Digital (formerly
Fox Mobile Group) and Universal Music Group. m-Wise is the
developer of the MOMA ("Mobile Originated Message Access")
platform, the de facto content management and service delivery
platform used on or through more than 50 mobile networks throughout
Europe, North and Latin America and Asia.
MOMA is an integrated "one stop shop" for mobile operators,
wireless ASPs, content providers, and media producers to deliver
end-users with a state-of-the-art mobile experience. MOMA makes it
easy not only to manage and deliver content such as entertainment,
music, games, and video without specific regard to handset
compatibility but also adds real-time end-user capabilities such as
voting, mobile marketing, advertising and access to live data.
For more information, visit: www.m-wise.com
About Vringo
Vringo (NYSE Amex: VRNG) is a leading provider of software
platforms for mobile video services and video ringtones. With its
award-winning video ringtone application and other mobile software
platforms, Vringo transforms the basic act of making and receiving
mobile phone calls into a highly visual, social experience.
Vringo’s core mobile application, which is compatible with more
than 400 handsets, enables users to create or take video, images
and slideshows from virtually anywhere and turn it into their
visual call signature. In a first for the mobile industry, Vringo
has introduced its patented VringForward technology, which allows
users to share video clips with friends with a simple call. Vringo
has been heralded by The New York Times as "the next big thing in
ringtones" and USA Today said Vringo’s application has "to be seen
to be believed." Vringo has launched its service with various
international mobile operators, holds licensing deals with over 40
major content partners and maintains a library of more than 12,000
video ringtones for users in various territories. For more
information, visit: http://ir.vringo.com.
For more information about how video ringtones work, visit:
www.vringo.com.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
Vringo expressly disclaims any obligation to publicly update any
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise, except as required by
law.