FOUNTAIN VALLEY, Calif., July 6, 2011 (GLOBE NEWSWIRE) -- MEDL Mobile Holdings, Inc. (OTCBB:MEDL) (the "Company"), which through its wholly owned subsidiary MEDL Mobile, Inc., is a developer, incubator, marketer and aggregator of mobile application software, or Apps, today announced the completion of a share exchange transaction and the commencement of its stock trading under the symbol "MEDL" on the OTC Bulletin Board on Tuesday, June 28, 2011.
In connection with the exchange on June 24, 2011, the Company raised approximately $2.5 million through the sale of common stock. The Company had previously raised $300,000 through the sale of promissory notes, all of which converted into shares of common stock in connection with the exchange and financing. The proceeds from these financings will be used primarily for business development; further development of the Company's intellectual property and technology; and general working capital. After accounting for the exchange and financings, the Company currently has 40,000,000 shares of common stock outstanding.
Andrew Maltin, CEO of the Company, stated, "This represents a major milestone for our company. I am pleased to have completed this transaction, as it enables us to create greater value, broaden our investor base and create a public market for our stock. As a publicly-traded company, we believe that we will be in a better position to take advantage of the growing opportunities emerging in the mobile industry."
About MEDL Mobile, Inc.
MEDL Mobile Holdings, Inc, through its wholly owned subsidiary, MEDL Mobile, Inc., is a developer, incubator, marketer and aggregator of mobile application software, or Apps. The Company is primarily engaged in the monetization of Apps through four revenue generating platforms: (i) development of customized Apps for third parties to monetize their particular intellectual property, persona or brand, (ii) incubation of mobile apps from a library of more than 75,000 original App concept submissions, (iii) sale of advertising and sponsorship opportunities directly to brands and via mobile advertising networks and (iv) acquisition of Apps from other developers and use of a proprietary application programming interface, or API, to make App recommendations to our user base.
For more information about us, visit www.medlmobile.com
Forward Looking Statement Disclaimer
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.