Livewire Mobile Closes $1,200,000 In New Funding

Livewire Mobile Closes $1,200,000 in New Funding

 LITTLETON, MASS., August 13, 2012, Livewire Mobile, Inc., (otcmarkets: LVWR), the one-stop digital content solutions provider for carriers, consumer device manufacturers,media companies, and consumers, today announced that the Company closed debt funding totaling $1,200,000 in senior secured convertible notes with three existing note holders in July, 2012. The notes mature on June 8, 2013, bear interest at 10% per annum (12% per annum if paid-in-kind) and are convertible into common stock at any time at the option of the note holders at an initial conversion rate (subject to adjustment) of $0.37 per common share. The notes are secured by all of the assets of the Company and contain certain operating and financial covenants applicable to the Company. Quarterly interest on the new notes is earned from the date of issuance and is payable the first day of each following quarter, beginning October 1, 2012.   

This brings the total of senior secured notes funding raised to $5.6 million since June 2011.

Matthew Stecker, President and CEO of Livewire Mobile, said “We are pleased to close this additional round of funding, and enjoy the continued support of our investors as we continue the transition of our business to support the global smartphone explosion.”

For more information contact:

Livewire Mobile Media and Investor Relations:

Investor
Todd Donahue, CFO
e: [email protected]
t: +1 978 742 3167

Media
North America:Erin Schweppe, VP Marketing
e: [email protected]
t: +1 978 742 3155

EMEA: Dave Moreau, COO
e:[email protected]
m: +44 7887 645 835
twitter: @DaveMoreau

About Livewire Mobile

Livewire Mobile, Inc. (otcmarkets: LVWR) is a mobile internet powerhouse with one of the most comprehensive one-stop digital entertainment solutions for network operators, consumer device manufacturers, brands and media companies entering the mobile market. The company's integrated suite of content services includes applications, video, games, ringback tones, ringtones, DRM-free full-track music, e-books and more as well as application and portal development, mobile advertising solutions, integrated content publishing and merchandising, and turnkey managed VAS operations. For more information, please visit www.livewiremobile.com.

Livewire Mobile is a registered service mark of Livewire Mobile, Inc. All other trade names are the property of their respective owners.

Statements other than historical facts included or referred to in this Press Release are “forward-looking statements” including forward-looking statements about the transition of our business to support the global smartphone explosion. These statements are based on management’s expectations as of the date of this document and are subject to uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to risks and uncertainties including, but not limited to, uncertainties with respect to the transition of our business to support the global smartphone explosion. In addition, while management may elect to update forward-looking statements at some point in the future, management specifically disclaims any obligation to do so, even if its estimates change. Any reference to our website in this press release is not intended to incorporate the contents thereof into this press release or any other public announcement.

****