MIGO TO ACQUIRE MACROPORT, INC., MOBILE DEVICE CONTENT MANAGER
Acquisition to Broaden Migo Product Offering and Expand Company's Reach into Video, Photo, and Music Platform for Mobile Devices
REDWOOD CITY, CA, May 23, 2007-- Migo Software, Inc. (OTCBB:MIGO), today announced that it will be acquiring MacroPort, Inc., a provider of mobile content management software, in an all-stock deal initially valued at approximately $4.5 million.
Commenting on the transaction, Migo Software, Inc. Chairman and Chief Executive Officer, Kent Heyman, stated, "This exciting acquisition, which we expect to be quickly accretive, will accelerate the launch of our Digital Media Management product offering into this rapidly growing mobile marketplace. The MacroPort product line enables mobile content, such as music, photos and videos, to be easily distributed on mobile devices such as cell phones and PDAs. MacroPort's products fit perfectly into the Migo platform, and we expect this will establish us as a leader in mobile computing software and position us in the mobile device content management space."
"Migo will now have the opportunity to address the rapidly expanding market for SD Cards for mobile smart phones, complimenting our existing position in the Flash Drive market space. Being the hub for the movement, synchronization, access, and security of data between mobile devices and computers continues to be our primary focus," said Heyman.
MacroPort's patent pending product line includes "Universal Loader," which enables the automatic launching of mobile applications and content such as music and video onto a mobile device; "Mobile Billboard," which transforms removable mobile memory into a secure and highly targeted advertising vehicle; "Video Auto Scaler," which automatically formats video stream to any screen format for viewing on a mobile device on a real time basis; and "PhotoPlay," which enables the user-friendly replication and transfer of pictures and video without any user intervention.
"We are excited about the combination of our digital media technology with Migo's data mobility products," stated Johnathan Tann, president of MacroPort. "Our combination will bring a unique offering and substantially broader distribution opportunities for both companies into the dynamic mobile data market."
"Among others," continued Tann, "MacroPort has license agreements in place with mobile leaders such as Microsoft and Palm and a distribution agreement with Kingston Technologies and Shutterfly, while Migo has global license agreements with Kingston, Memorex and other OEMs, distribution in over 6,500 retail outlets including Fry's, Target, CompUSA and OfficeMax, as well as global eCommerce infrastructure in place through its relationship with Digital River. All in all we believe this is a great combination."
"This acquisition brings together complimentary, top-tier customers, all of whom could benefit from the new larger Migo portfolio, creating an exciting and more extensible multi-channel opportunity," stated Rob Halligan, senior vice president of sales and marketing for Migo Software, Inc. "By leveraging the integration of Migo software and MacroPort technologies, we will now offer a powerful and very scalable range of highly compatible product solutions that can unlock all the content trapped in a PC, enabling easy access and management of content in a mobile environment," Halligan concluded.
Under the terms of the transaction, which is scheduled to close by June 1, 2007, MacroPort shareholders will receive ten million shares of Migo Common Stock and $2.5 Million of Senior Convertible Preferred Shares that, upon certain conditions, will convert to 12,500,000 Migo Common Shares. Additionally, based upon future performance, the MacroPort shareholders could receive up to a maximum of $3.0 million of additional compensation, payable in a combination of cash and common stock.
Migo Software will hold a conference call to review details of the acquisition at 1:00 p.m. Eastern, May 24, 2007. Interested parties may access the conference call by dialing the following numbers: (800) 591-6945 (domestic) or 617-614-4911 (international), pass code # 58310555. The call will also be available via web cast at: http://phx.corporate-ir.net/playerlink.zhtml?c=74459&s=wm&e=1564779
If you are unable to participate, an audio replay of the call will be available beginning two hours after the call and will be available until 11:59 p.m. on May 31, 2007, by dialing (888) 286-8010 (domestic) or (617) 801-6888 (international) using confirmation pass code 77291409. The call will also be archived on our website.
NOTE: Migo® is a registered trademark of Migo Software, Inc. PhotoPlay, Mobile Billboard and Video Auto Scaler are trademarks of MacroPort, 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 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. The Company's award-winning Migo® synchronization and content portability software increases business and personal computing efficiency, allowing users to take their PC content and settings, including email on a portable storage device, with the ability to completely synchronize this content back onto the original host PC. Migo's line of software utilities span a range of categories including backup, system utility and online security/privacy software and include popular brands, such as PC Backup, Registry Repair and Digital Vault/Portable Vault, and others.
Migo Software's website, found at www.migosoftware.com, provides additional information on the full line of Migo mobile computing products and software utilities.
About MacroPort
MacroPort is pioneering the way in which end-users utilize mobile devices. The company is at the forefront of simplifying access and usability to today's most sophisticated wireless content such as multimedia, video and much more. MacroPort is also the first to offer mobile technology software solutions that enables ease of use of advanced mobile features and functions. The company is a trusted partner for carriers, software vendors and device manufacturers that are seeking to drive revenue by offering their customers easy access to mobile content. MacroPort's solutions provide a foundation for increased customer loyalty, an enhanced end user experience and increased revenue streams. Based in Mountain View, California, MacroPort was founded in 2001. For more information please visit the company's web site at www.macro-port.com.
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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