MEDL Closes Series A Funding Round for Hang w/
FOUNTAIN VALLEY, Calif., July 16, 2013 (GLOBE NEWSWIRE) -- MEDL Mobile, Inc. (OTCBB:MEDL) – a pioneer in the creation, development, marketing and monetization of mobile apps – announced today that the company has closed a $2,000,000 Series A Investment for the Hang w/ platform. The recent investment places the value of the Hang w/ subsidiary at approximately $20,000,000.
The investment round was led by Mishaal Alireza who will take a seat on the Hang w/ Board of Directors. Mishaal co-founded Alireza Holding Co. in 1997, which owns and operates the largest premium Apple Reseller chain and the largest video game retailer franchise in Saudi Arabia. Alireza Holding Co is multi-national organization and one of Saudi Arabia's most respected trading groups, who have developed market-leading positions in trading, advertising, retail, and service industries throughout Saudi Arabia and the Middle East. A prominent entrepreneur, Mishaal has been featured in Arab News, Saudi Gazette, Design Magazine, Destination Jeddah and Oasis Magazine.
The Hang w/ live streaming platform has quickly grown with more than 1.3 million broadcasts and more than 7.5 million user sessions on the iPhone platform alone in only its first few months. Hang w/ for Android was released one week ago, more than doubling the potential market.
Hang w/ uses a patent pending scalable system architecture, which integrates broadcasting with real-time social features and advertising.
"This investment and the valuation is a testament to the phenomenal early organic success of Hang With," said Andrew Maltin, CEO. "It provides the capital needed to fine tune the technology, increase usage, and help establish Hang With as the dominant live streaming video technology."
The platform has been embraced in the entertainment world - where top talent such as Paula Abdul, Timbaland, Kaskade and even Larry King are increasingly "Hanging w/" their fans. The Hang w/ app enables live, real-time video to be sent from one phone to many. Anyone with an iPhone or Android device can connect instantly to hundreds, thousands, even millions of fans via live-streaming video broadcasts.
Hang w/ is now available on the Google Play Store. http://bit.ly/hangwandroid
Hang w/ is now available on the Apple App Store. www.hangwith.me
To view a Hang w/ video, click here. bit.ly/hangwpromo
You can learn more at www.HangWith.com
About MEDL Mobile
MEDL has led mobile strategy, ideation, development, marketing and monetization for many of the biggest names on the planet - in areas diverse as entertainment, telecom, medicine, education and retail - for such prestigious clients as Hyundai, Taco Bell, Monster.com, The New York Times Company, and Telefonica. The Company enters into partnerships to mobilize and monetize IP with such notable names as Encyclopedia Britannica, Real Madrid, Cheech & Chong and Marlee Matlin.
MEDL's patent-pending Mobile Brain is a powerful analytic engine which classifies users according to their Mobile Lifestyle via a Detailed Anonymous Profile (D.A.P.) and learns to make recommendations based on a predictive algorithm.
MEDL Mobile is the majority owner of "Hang w/" - a global, mobile, social media platform that connects and shares via live-streaming video and will be monetized by fully integrated advertising. The platform was released via a private beta in January, 2013, released to the public in March, 2013 and quickly scaled to more than 1,000,000 broadcasts in its first three months.
For more information about MEDL Mobile, please visit www.medlmobile.com.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about MEDL Mobile's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Potential risks and uncertainties include but are not limited to the ability to integrate Inedible Software apps and platform into MEDL's product offering, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
For more information about MEDL Mobile, please visit http://www.medlmobile.com.
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