|By Marketwired .||
|July 3, 2014 09:01 AM EDT||
PISCATAWAY, NEW JERSEY -- (Marketwired) -- 07/03/14 -- Mobile Broadcasting Corp. today announced a clarification of its relationship with Progress Watch Corporation (PINKSHEETS: PROW).
Mobile Broadcasting has requested Progress Watch to declare a dividend in the Company's common stock that Progress Watch owns, one share of the Company's common stock for each share of Progress Watch outstanding at the date of the dividend, to be determined.
The Company is proceeding with a registration on Form S-1 to cover the anticipated dividend, which cannot be distributed until the registration statement is effective, of which there is no assurance.
The Company intends to pursue the original vision of Progress Watch, as expressed in its press release dated February 4, 2014, which is to provide "users of smartphones and devices on 4G/LTE networks (with) new capabilities to stream and broadcast feature-rich audio and video content instantly, without jeopardizing subscribers' privacy, or overloading the mobile network".
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