|By Marketwired .||
|June 2, 2014 10:00 AM EDT||
TAMPA, FLORIDA -- (Marketwired) -- 06/02/14 -- Progress Watch Corporation (PINKSHEETS: PROW) today announced submission of an amendment to change its name to Mobile Broadcasting Holding, Inc. The name change is reflective of the new direction of the Company. It will be effective upon receipt and processing of the amendment by the Nevada Secretary of State.
According to Jackson L. Morris, Chief Executive Officer of Progress Watch Corporation, the effective date of the name change is anticipated to be during the week of May 27, although the amendment will not be processed by the Secretary until several weeks later. As soon as the file and date-stamped amendment is available, the Company will submit an application to the Financial Industry Regulatory Authority (FINRA) for a market announcement of the name change and request for a symbol change, a process that is expected to take a month or more, coupled with a new CUSIP number.
"We are committed to transforming our Company into a viable technology-based company focused on video streaming content and mobile broadband over 4G and LTE networks," said Morris. "The new name reflects the Company's new mission and provides a platform for future opportunities. We anticipate acquisition of key components of our planned technology in the near future. Launching our new business model and technology, expected later this year, is our key effort at present."
The Company Profile has been updated and the March 31, 2014 first quarter report reflecting business and management changes has been published at OTCMarkets.com.
The Company is committed to keeping the investment community updated on the company's progress.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief and expectations of the Company and its management with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
Only information that is publicly available will be provided.
Progress Watch Corporation
Jackson L. Morris
Chief Executive Officer