 Kingston Signs $500,000 Deal to Purchase Additional Equity and License Advanced Migo Audio/Video Software for SD Cards.
REDWOOD CITY, CA, June 19, 2007-- Migo Software, Inc. (OTCBB:MIGO), today announced that Kingston Technology Corporation, Inc., the independent world leader in memory products, has purchased additional equity and signed a License Agreement covering Migo's advanced audio/video software recently acquired by Migo from MacroPort. The Agreement enables Kingston® to bundle Migo software on its line of SecureDigital™ (SD) cards through December 2008. In addition to the initial License Fee, Migo has the opportunity to earn additional consideration based on achieving certain volume milestones.
"Kingston's acquisition of additional licensing rights to add multimedia functionality to their SD cards is another step forward for Migo in its mission to become the data `hub' for mobile devices," said Migo's Chief Executive Officer, Kent Heyman.
"We are very pleased that Kingston has, once again, invested in Migo. We are fortunate to have its support, both as a valued customer, and as a shareholder. As one of the major players in the mobile storage space, Kingston's vote of confidence is particularly meaningful to Migo," added Heyman.
The licensed Migo software for next generation smartphones is at the forefront of simplifying access and usability to content such as music, video and much more, across a wide platform of mobile devices. The Migo software solutions provide a foundation for increased customer loyalty, an enhanced end-user experience and increased revenue streams.
"This agreement is a significant development for both companies," said Mark Leathem, Director of Product Marketing, Kingston. "Now that we can add Migo to our SD platform, we can deliver an exciting new combination of technologies to help our customers deliver complete multimedia content experiences in any device that accepts memory cards."
The renewable License Agreement includes an upfront payment of $250,000, which can increase based upon the volume of Migo bundled SD cards shipped over the license term. The license grants Kingston the ability to bundle and market Migo software on its entire line of SD card products through December 2008. Separately, Kingston also signed a Stock Purchase Agreement whereby Kingston has purchased an additional 1,250,000 shares of Migo at $.20 and received a Warrant to purchase 250,000 shares at $.23 per share, valid until June 2012.
NOTE: Migo® is a registered trademark of Migo Software, Inc. All other company and product names mentioned may be trademarks or registered trademarks of their respective holders and are used for identification purposes only.
About Kingston Technology Corporation, Inc.
Kingston Technology Corporation, Inc. is the world's largest independent manufacturer of memory products. Kingston designs, manufactures and distributes memory products for desktops, laptops, servers, printers, and Flash memory products for PDAs, mobile phones, digital cameras, and MP3 players. Kingston has manufacturing facilities in California, Malaysia, Taiwan, China and sales offices in the United States, Europe, Russia, Australia, New Zealand, India, Taiwan, China, and Latin America. For more information, please call (800) 337-8410 or visit www.kingston.com.
About Migo Software, Inc.
Located at 555 Twin Dolphin Drive, Suite 650, Redwood City, CA, Migo Software, Inc. (OTCBB:MIGO) is a global provider of secure mobile computing software. With its patent-pending technology, the Company's award-winning Migo® synchronization and PC portability software increases business and personal computing portability, allowing users to take their Outlook® and Outlook Express® email on a portable storage device.
Migo software provides computer users a safe, easy-to-use, traceless method of working on personal files and their own email - including Microsoft Outlook® and Outlook Express® - on borrowed computers, eliminating the need to bring along a PC or laptop of their own. Users connect their Migo-enabled device to a handy PC, and with a few clicks that PC turns into their own, right down to the wallpaper on their screen, for as long as they need it. When finished, Migo leaves no trace of their personal files behind, and upon returning home it synchronizes that work with their own home or office PC. A demonstration of Migo can be found at http://migosoftware.com/takethetour.php.
Migo Software's website, found at www.migosoftware.com, provides additional information on the full line of Migo mobile computing products.
Forward Looking Statements:
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts, including those statements that refer to distribution arrangements, the desirability and market acceptability of our product offerings and other plans, prospects, expectations, strategies, intentions, hopes and beliefs, are forward-looking statements. These forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties detailed from time to time in Migo Software's Securities and Exchange Commission filings. Any forward-looking statements are based on information available to Migo Software today and Migo Software does not undertake any obligation to update any of the forward-looking statements after the date of this press release. Reference to Migo Software's website above does not constitute incorporation of any of the information thereon into this press release.
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