Contact Information: Contact: NuMobile, Inc. Investor Relations 214-556-5927 ir@numobileinc.com
NuMobile, Inc. Acquires Silicon Valley Headquartered Enhance Network Communication, Inc. With Anticipated Contract for $20 Million in Revenue and $8 Million Gross Margin
| Source: NuMobile, Inc.
CARY, NC--(Marketwire - September 17, 2009) - NuMobile, Inc. (OTCBB : NUBL ) today announced
executing an agreement acquiring Enhance Network Communication, Inc.
NuMobile is building a portfolio of security and software solutions for the
mobile computing and smartphone market.
Enhance is headquartered in Cupertino, California and currently reports
approximately $1.2 million in profitable annual revenue. Enhance has
developed a proprietary large enterprise network security technology
designed for managing the unique information management requirements of
network delivered government services. School districts make up the
majority of Enhance's current customer base. Early product testing is
currently underway with a new prospective client. In conjunction with the
current product testing, a contract that would result in approximately $20
million in revenue with $8 million in gross margin is anticipated as early
as year-end.
NuMobile has acquired Enhance in exchange for $5 million in debt. The debt
is payable in two parts. $1 million is due one year from closing. The
remaining $4 million is due five years from closing and contingent upon
Enhance signing $20 million of new business with $8 million in gross
margin. Management anticipates that the debt exchanged for the purchase
can be serviced out of cash flow from operations.
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