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DeFi Mobile Ltd. Announce Shareholder and Board of Directors Approval of Its Combination With Lion Capital Holdings, Inc.
Sep 22, 2009 (08:09 AM EDT)
SCOTTSDALE, Ariz., Sept. 22 /PRNewswire/ -- DeFi Mobile Ltd(TM)( )announced today it had received shareholder approval for its combination with Lion Capital Holdings Inc. ("Lion"). In addition, the majority shareholder of Lion has agreed to endorse the transaction subject to a conversion of the merger agreement into a stock for stock exchange agreement. Under the proposed terms of the agreement, DeFi Mobile will become a subsidiary of Lion Capital Holdings. Upon completion of the stock exchange, the DeFi Mobile management team will remain in place and run the combined Company.
DeFi operates the DeFi Global Network, providing worldwide mobile phone and mobile broadband data access to both individual customers and corporate partners using WiFi and traditional cellular service. Unlike traditional WiFi and cellular services, DeFi offers a single device capable of using either service depending on availability.
"With the resources and support that come with this combination, DeFi expects to have a greater ability to explore untapped categories that should greatly benefit from our technologies," said Jeff Rice, CEO and co-founder of DeFi. "We believe the videogame market in particular provides DeFi with many opportunities. As successful mobile gaming platforms like iPhone and Nintendo DS, and the soon to launch PlayStation Portable (PSP) Go system, strive to deliver a continually enhanced gaming experience there is an enormous challenge for content providers who need to transfer large data via WiFi. The DeFi network provides a stable, reliable and state of the art solution to these content providers and we're closely looking at this as a potentially large growth opportunity."
"The DeFi solution empowers our partners to innovate in ways they previously thought were impossible due to the capacity and cost-prohibitive limitations of previous-generation networking and communications solutions. This innovative network is being used to invent creative next-generation products that we believe will profoundly change the way we all interact in our professional, consumer and personal day-to-day lives."
For more information about DeFi Inc. or the DeFi Global Network, please visit to HASH(0x12dbb90) .
DeFi Inc., headquartered in Scottsdale, AZ, is a leading global network and software company. The company has developed and deployed a network infrastructure that empowers development of voice, data and media rich applications. For more information on DeFi and its technologies please visit HASH(0x12dd480)
This press release contains forward-looking statements with respect to Lion Capital Holdings, Inc. and its business . Words like "estimate," "project," "intend," "expect," "believe," "plan," and similar expressions, particularly when used in the "future tense", identify forward-looking statements. Undue reliance should not be placed on such forward-looking statements, which are not historic facts but merely predictions of future events. They rely on a number of assumptions outside of the DeFi's and Lion's control, and involve significant risks and uncertainties. Lion's success in consummating the planned combination with DeFi, Lion's ability to obtain future equity and debt capital on commercially reasonable terms, the acceptance in the market place of the DeFi products and services, and DeFi's ability to ultimately sell products and services on profitable terms, among other factors, will determine Lion's future business results. See Lion's SEC reports. DeFi and Lion assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: investors, Jeffrey P. Rice of DeFi Mobile, +1-650-249-3704, firstname.lastname@example.org; or media, Tracie Snitker of Reverb Communications,+1-209-586-1495, ext. 104, , for DeFi
Web site: http://www.defimobile.com/