ZURICH, Switzerland, Oct. 31, 2007 (PRIME NEWSWIRE) -- Qnective Inc. (OTCBB:QNTV) announced today that it has acquired MobilMedia Holding AG (MMH AG), an information technology company which had revenues of US$2.2 million for the first six months of this year.
Earlier this year, Qnective and MMH AG formed a joint venture called Qporter Inc. in order to develop a new class of communications technology and community messaging services.
MMH AG, founded in 2006, offers a number of premium Short Message Services which are community-based chat services. MMH has an estimated 160,000 registered users and about 26,000 regular users in Switzerland.
"Through the acquisition of MMH AG, we gain a significant amount of technical knowledge, expertise and intellectual property in the area of messaging technology and mobile marketing. We also benefit from a growing and loyal user base," said Oswald Ortiz, Qnective's CEO. "The combination of our resources should lead to the development of additional features and applications for our Qporter product."
About Qnective Inc.
Qnective Inc., through its subsidiary Qporter Inc., has developed Qporter (www.qporter.com), a unique software communication tool that combines the benefits of instant messaging with "push to talk" capability as well as VoIP while enabling the exchange of multimedia files, voice clips, pictures and Giganticons. Qporter allows the user to communicate at home from a desktop computer and on the road via cell phone. Unlike SMS and MMS, Qporter is free of charge. Sending messages, photos and videos is free among Qporter users. The only costs incurred are service provider connection and data transfer fees. For more information, please visit: www.qnective.com.
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Forward-Looking Statement
The forward-looking statements in this press release and statements made by or on behalf of the Company relating hereto, including those containing words like "expect," "project," "believe," "may," "could," "anticipate," and "estimate," are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be affected by certain risks and uncertainties, including risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, you should not regard the inclusion of such information as a representation by us that our objectives, plans and projected results of operations will be achieved and the Company's actual results could differ materially from such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to the forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.