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TORONTO, June 24 /CNW/ - Jambo Mobile Solutions Inc., a fully integrated mobile enablement company and a member of the SilverBirch Inc. (TSX-V: SVB) group of companies, announced today that it has renewed annual partnership agreements with Givex Corporation, Zoom Media and Intrawest.
Over ninety percent of Jambo revenues now come from multiyear contractual relationships versus less than 10% when the company was acquired.
"We are very pleased to maintain these long term partnerships," said Derek van der Plaat, CEO of Jambo Mobile. "They are driving annuity type revenues which is what we have been focusing on since we acquired the company and the subsequent mobile assets."
On a related note, the company has issued 416,666 shares to each Derek Colfer and Matthew Kim as part of its earn out commitment related to last year's acquisition of Jambo Mobile Solutions Inc. and as previously announced on March 8, 2007. Certain trading restrictions apply to ensure orderly market sales.
In other news, the Company announced that it has filed for TSX approval to issue 23,750 common shares to Red Dawg Holdings Inc. in settlement of indebtedness for consulting services. The payment is to be provided under the terms of a service agreement entered into with that company, and the stock will be issued at the May 26, 2008 closing price of $0.40 per share. The principal of Red Dawg, Michael O'Farrell, also sits on the SilverBirch Board of Directors.
About Jambo Mobile Solutions Inc.
Jambo Mobile Solutions (www.jambomobile.com) is a fully integrated mobile media company with capabilities in mobile messaging and mobile content delivery. Jambo provides cross-carrier connectivity to over 270 million cell phones in North America. Jambo is a subsidiary of the SilverBirch Inc., a publically traded digital media company based in Toronto. For more information visit www.silverbirchinc.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the content of this news release.
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