New Subsidiary Focuses on Company's Core Business Strategy Targeting the Video Streaming Content over Mobile Broadband Markets
TAMPA, FLORIDA--(Marketwired - Jun 5, 2014) - Progress Watch Corporation (PINKSHEETS:PROW) today announced incorporation of a new subsidiary focusing on the Company's planned business in video streaming content over mobile broadband on 4G and LTE networks. The name of the subsidiary is Mobile Broadcasting Corp. The subsidiary was incorporated on May 30, 2014 in the State of Florida with the Company recently announcing submission of an amendment in Nevada changing its own name to Mobile Broadcasting Holding, Inc.
Jackson L. Morris, Chief Executive Officer of Progress Watch Corporation, stated: "Our new subsidiary enables us to focus our efforts in video streaming content over mobile broadband on 4G and LTE networks and associated financial accounting in a single corporate entity, while allowing the parent Company to pursue opportunities in other fields if deemed appropriate by management."
"Mobile Broadcasting Corp. will be seeking licenses of significant technology for the additional components critically important in the implementation and launch of its business plan", Morris said. "We also believe that employing qualified management to execute our business model is vital in successfully building the proper foundation and moving our company forward."
Morris also noted that the Company Profile has been updated at OTCMarkets.com to reflect the issue of seven million shares of preferred stock and the Certificate designating the preferred stock has been published under the Company's Filings and Disclosures at OTCMarkets.com.
The Company is committed to keeping the investment community updated on the Company's activities and progress.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief and expectations of the Company and its management with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
Progress Watch Corporation
Jackson L. Morris
Chief Executive Officer
813-892-5969
jackson.morris@rule144solution.com
Only information that is publicly available will be provided
