|By Marketwired .||
|July 2, 2014 09:01 AM EDT||
PISCATAWAY, NEW JERSEY -- (Marketwired) -- 07/02/14 -- Mobile Broadcasting Corp., formed as a subsidiary Progress Watch Corporation (PINKSHEETS: PROW) to pursue mobile broadband streaming of video content over 4G LTE networks, announced today that it has elected Kenneth D. Bland as a director and Chief Executive Officer. Mr. Bland replaces Jackson L. Morris in both positions. Mr. Bland is also the sole member of Briken, LLC, the Company's licensor of key technology.
Mr. Bland stated: "As the inventor of and patent applicant for the technology licensed by the Company from Briken, LLC, I view this as an exceptional opportunity to guide the development and commercialization of a technology that, I believe, will receive broad market acceptance. We are working on implementation of the technology to meet a roll-out time line before year-end."
Jackson L. Morris, former Chief Executive Officer of the Company, said, "I have known Mr. Bland for several years and believe he has the qualifications and experience to guide the Company in a capture of significant market share in mobile broadband streaming of video content."
The Company has engaged MSPC Certified Public Accountants and Advisors, P.C. with offices in Cranford, New Jersey, as its independent auditor, in anticipation of filling a registration statement on Form S-1.
As a result of the license agreement previously announced by Progress Watch between the Company and Briken, LLC, Briken, LLC now owns a 50 million common shares and 50 million preferred shares with 10 to 1 voting rights only of the Company and upon achievement of two benchmarks will earn 50 million shares for each achievement.
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.
Mobile Broadcasting Corp.
Kenneth D. Bland
Chief Executive Officer
Only information that is publicly available will be provided