MEDL Signs LOI to Sell Its Custom Development Division
FOUNTAIN VALLEY, Calif., Oct. 15, 2014 (GLOBE NEWSWIRE) — MEDL Mobile, Inc. (MEDL) — a pioneer in the creation, development, marketing and monetization of mobile apps, and majority holder of the Hang w/ live social video platform (hangwith.com) — today announced that it has signed a non-binding Letter of Intent to sell its Custom Development Division to BBK Holdings.
“For MEDL, this move is a clear win for all parties involved,” said Andrew Maltin, CEO, MEDL Mobile. “Our Custom Development Division finds a home in BBK, a larger, tech-focused, healthcare marketing powerhouse, where its growth can accelerate. MEDL Holdings would receive immediate operating capital and the opportunity for an ongoing revenue stream. And Hang w/ can move forward with the full resources and efforts of the parent company, focused on building the greatest live social video platform on the planet.”
“We’ve always sought to lead our industry forward, and mobile will continue be an area of growth within healthcare,” said Bonnie A. Brescia, BBK founder and principal. “By bringing the mobile expertise and tool chest of MEDL Mobile under the BBK umbrella, we will broaden our reach and further solidify our position as the market leader in mHealth.”
MEDL and BBK worked collaboratively to develop My Clinical Study Buddy – a mobile optimized clinical trials patient management platform. The platform has since been recognized with several industry and design awards and is a finalist for a 2014 SCRIP Award for “Best Technological Development in Clinical Trials.”
Additionally, MEDL Mobile has a strong history of working with clients in the areas of mHealth and related services including Kaiser Permanente, Medtronic and UCLA Medical Center.
The mHealth market presents a considerable opportunity. StartUp Health reports that there has been $5 billion in investment by digital health companies in this year alone. Pew Research notes that one-quarter of new mobile phone buyers are expected to use it to access health information. By 2017, half of the 3.4 billion mobile phone users are expected to be utilizing a health related platform or app such as the recently unveiled HealthKit from Apple.
“With Apple’s release of Health Kit and new devices like wearables and integrated technologies from industry leaders such as Google and Samsung, the field of mHealth is wide open and fertile ground for incredible growth,” observed Dave Swartz, MEDL President and CCO. He furthered that, “We are leveraging our success to take advantage of the position we’ve created to benefit our team and our investors.”
MEDL Custom Development Division will continue to service current clients inside and outside the mHealth area such as UCLA Medical Center, Experian, Hyundai and Butterfli Makeup Studios.
“This opportunity will provide us the ability to focus on the Hang w/ platform,” added Maltin. “We are very bullish on the future for MEDL Holdings.”
About MEDL Mobile
MEDL Mobile, Inc. is a mobile industry pioneer that has architected, created, developed, marketed and monetized hundreds of mobile apps for the Apple iOS and Google Android platform and driven more than 22 million downloads, many of them reaching the top ten in the Apple store. MEDL has led mobile strategy, ideation, development, marketing and monetization in areas diverse as entertainment, telecom, medicine, education and retail – for such prestigious clients as About.com, Hyundai, Kaiser Permanente, Medtronic, Monster.com, The New York Times Company, Taco Bell, and Telefonica. The Company has entered into partnerships to mobilize and monetize IP with such notable names as Cheech & Chong, Encyclopedia Britannica, Marlee Matlin, Media Rights Capital and Real Madrid.
MEDL has incubated, developed and brought to market the revolutionary, patent-pending Hang w/ app over a period of nearly two years. The Hang w/ app connects people through live-streaming video and simultaneous chat, allowing anyone with an iPhone, iPad or Android device to broadcast live to dozens, hundreds or even millions of viewers around the globe.
MEDL is also a founding Board Member of the Application Developers Alliance, an organization that serves a growing membership of tens of thousands of developers and hundreds of companies from across the mobile spectrum. To learn more about MEDL Mobile visit www.medlmobile.com. To learn more about Hang w/ visit www.hangwith.com.
About BBK Holdings
Anchored by BBK Worldwide, the global leader in patient recruitment for the clinical trial industry, BBK Holdings brings multiple communications, technology and marketing disciplines to the clinical research, patient engagement, and healthcare delivery markets. Other subsidiaries include TCN Technologies, developers of the TrialCentralNetSM patient recruitment management software, as well as advertising and branding firm Agency 320. BBK Holdings has positions in a number of other companies that support the biopharmaceutical marketplace in the United States, the European Union, and Asia. BBK is a privately held, women-led business, headquartered in Needham, Mass. For more information, visit www.bbkworldwide.com.
Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about MEDL Mobile’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Potential risks and uncertainties include but are not limited to the ability to integrate Inedible Software apps and platform into MEDL’s product offering, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
For more information about MEDL Mobile, please visit http://www.medlmobile.com.
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