Business
Silverbirch to invest in mobile real estate services company
Agreement with Hip Pocket Mobile initiates SilverBirch strategy targeting high margin vertical ma...
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":"\n\n\n\nAgreement with Hip Pocket Mobile initiates SilverBirch strategy targeting\n\n\nhigh margin vertical markets\n\n\nTORONTO, Feb. 19 /CNW/ - SilverBirch Inc. (TSXV:SVB) announced today that\nit has reached an agreement with Hip Pocket Mobile Inc. to provide up to\n$100,000 in convertible debenture financing to the company to grow its mobile\nreal estate lead generation business in the USA.\n\n\nHip Pocket Mobile is a Toronto-based mobile services company that has\ndeveloped a unique mobile application to provide homebuyers with instant\nproperty details on their mobile devices while the associated leads are\ncaptured, stored and tracked by sales representatives to increase broker\nrevenue. Hip Pocket Mobile's clients include Bank of America, Royal LePage,\nRE/MAX, Intercounty Mortgage, Casa America, ERA Real Estate and Better Homes.\n\n\n"This partnership is a first step for SilverBirch to target mobile\nvertical markets where we believe we can secure leadership positions," said\nDerek van der Plaat, CEO of SilverBirch. "Now that we have completed our\ntechnology acquisitions and have a full mobile enablement platform, we will\nleverage these assets to generate strong margins and sustainable long term\nvalue for SilverBirch shareholders."\n\n\n"There are more than 100,000 real estate owner/brokers in the USA that\nform our target market," adds Paul Gerard, Chief Executive Officer of Hip\nPocket Mobile. "It's a $1.6 billion market that is urgently looking for more\nefficient technology solutions."\n\n\nUnder the agreement, SilverBirch can convert its debenture into Hip\nPocket common shares at the rate of 1.4% for each $10,000 in debt converted.\nSilverBirch also has an option to acquire 51% of the common shares of Hip\nPocket, based on a one times revenue multiple, by issuing common shares of\nSilverBirch to Paul Gerard, Hip Pocket's major shareholder. There is no\nfinder's fee to be paid. The transaction is subject to the approval of the TSX\nVenture Exchange.\n\n\nAbout SilverBirch Inc.\n\n\nToronto-based SilverBirch Inc. is a leading digital media company focused\non the fastest growing sectors of the video game and mobile markets. Operating\ncompanies include Jambo Mobile Solutions, a fully integrated mobile media\ncompany with capabilities in mobile messaging and mobile content d...