MOKO.mobi expands US presence

Perth-based mobile social networking company MOKO.Mobi’s stock has spiked after it announced the acquisition of US-based networking site mbuzzy.com in an all-scrip transaction valued at more than $950,000.

Under terms of the deal, MOKO.Mobi will issue mbuzzy.com owner, US-based mobile content provider SendMe Inc, 10 per cent of its securities.

MOKO.Mobi will also issue SendMe 9 million listed options at 10 cents, including the provision of $5 million in placements over the next six months.

At 1:32PM (WST) MOKO.Mobi’s stock was up 11.6 per cent, to 6.7 cents.

At today’s share price, the deal values mbuzzy.com at $962,990.

MOKO.Mobi chief executive Ian Rodwell said the deal solidified the company’s US presence, adding 7.2 million registered mobile users and taking its total global user base to more than 12.7 million.

“SendMe Inc is positioned as the largest mobile content provider in the US, and their decision to become a major shareholder in MOKO.mobi reflects our company’s strong position and future growth prospects in the mobile social media space,” Mr Rodwell said.

MOKO.mobi provides a platform that enables people to chat and share data, including photos, music and videos, using their mobile telephone.

The service is available from multiple mobile carriers globally.