Fireswirl Technologies Completes Acquisition to Acquire Intellectual Property for Translating Mobile Text Messages
February 14, 2007 - Vancouver, British Columbia: Fireswirl Technologies Inc. (TSXV: FSW), through its wholly owned subsidiary Fireswirl Mobile Solutions Limited, has completed the acquisition with Living Stone Consultants Limited to acquire certain intellectual property assets, and a 51 percent interest in M Lingo Limited. The intellectual property enables real-time translation between multiple languages on, and between, virtually any type of mobile phone (packet based and non-packet based). M-Lingo is a joint venture with MHL Consulting Ltd., a Hong Kong based company that will retain a 49 percent interest and intends to market the intellectual property to mobile carriers in Hong Kong, Taiwan and China.
The purchase price consideration paid to Living Stone are consistent with our prior related announcement of January 30, 2007 and are comprised of: (1) 50 percent of the first US$8,000,000 of net income generated by Fireswirl Mobile derived from the intellectual property; and 15 percent of net income thereafter; (2) US$22,500; and (3) options granted in the name of the sole shareholder of Living Stone Consultants Limited to purchase 100,000 common shares of Fireswirl Technologies at an exercise price of $1.10.
About Fireswirl Technologies Inc.
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The company's technology has broad applications for those requiring multiple payment interfaces, multi-currency and multi-language capabilities. It can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users.
Forward Looking Statement
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to risks associated with foreign countries, changes in laws and regulations, proprietary protection, dependence on market growth, foreign exchange fluctuations, regulatory requirements and dependence on the internet and system infrastructure. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.
For more information:
Dale Peterson CEO
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll free: 1.866.684.4743 ext. 231
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release