IPVG Acquires MEGAMobile

IT company expands to mobile services market

 

 

Makati City, Philippines -- 19 February 2008 -- Publicly-listed IT company IPVG Corp. (PSE: IP) today announced that it has entered into a Stock Purchase Agreement with the shareholders of MEGAMobile, Inc., a local mobile technology provider and content developer.

 

IPVG has agreed to acquire 70% of the outstanding capital stock of MEGAMobile for a total acquisition cost of P6.4M.   IPVG plans to augment this investment further by infusing additional capital of an undisclosed amount to strengthen MEGAMobile’s content pipeline, marketing programs and infrastructure.

 

Chief Executive Officer of IPVG Corp. Enrique Y. Gonzalez said, "IPVG's investment into MEGAMobile marks our entry into the mobile content and value-added services (VAS) sector. This is an extremely exciting space given the Philippines' 55M subscribers base and high demand for mobile content. MEGAMobile gives IPVG an existing platform with strong developmental capabilities. This coupled with IPVG's infrastructure, communities and funding will make us a formidable player in this space. Expect allot of exciting products as a result of this partnership."

 

The acquisition is still subject to legal and financial due diligence on MEGAMobile and for approval by IPVG’s Board of Directors.

 

Breaking New Ground

 

The MEGAMobile transaction signifies another milestone for IPVG, as it enters the dynamic and highly competitive mobile services arena. The newly acquired company is known for creating new and compelling wireless platforms and technologies. Its addition to the conglomerate’s current lines of business creates a new product that will form a synergy among its communications, outsourcing and online gaming operations, thus enabling the subsidiaries to reach out to its huge customer base and strategic distribution network. From its corporate headquarters in the Philippines, IPVG has established presence in Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA.  

 

MEGAMobile represents IPVG’s fifth investment (through acquisition and signed binding agreement) in a span of only one year following: Globalstride Holdings, Inc. (call center facilities in the Philippines); IP-Converge Pte Ltd. (Singapore based IDC); Prolexic Technologies, Inc. (internet security provider with operations in the US, EMEA and Asia) and Interactive Teleservices Corporation (a US-based contact center with facilities in the US, Panama and the Philippines).

 

 

 

About IPVG

 

IPVG is publicly listed on the Philippine Stock Exchange (PSE Ticker Symbol: IP) and engaged in the information technology and communications space in South East Asia. IPVG owns three operating subsidiaries in: (i) Information Technology and Telecommunications (IT&T); (ii) on-line gaming, and (iii) Business Process Outsourcing (BPO) with presence in the Philippines, Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA.  

 

 

For further inquiries, contact:

Investor Relations:                                

Antonio Garcia                                       

IPVG Corp.                                           

Tel – (632) 976 4784                             .                      

Email – tonio.garcia@ipvg.com              

 

 

PR Agency:

Justine Bonilla

Dominguez Marketing Communications, Inc.

Tel – (632) 897 7088

Email – justine.bonilla@dominguez.com.ph

 

 

 

  

 

 

 

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