Spare Backup Sees a Reduction of $1 Million in Accounts Payable in the Third Quarter of 2012 after Initial Review of Certain Liabilities
Management to undertake full review of outstanding obligations and sees potential for additional reductions in liabilities
MINDEN, Nev., July 10, 2012 /PRNewswire/ -- Spare Backup Inc. ("Spare Backup") (OTCBB: SPBU), a provider of data backup and security software for smartphones, tablets and PCs, which is carrier and manufacturer agnostic, today announced that Spare Backup has reduced its outstanding liabilities by approximately $1 million dollars in the third quarter of 2012 as management has begun an extensive review of certain accounts payable and other obligations of the company. Management believes there will be additional reductions in overall liabilities including the elimination of certain aged payables and renegotiation of others which will help to strengthen its balance sheet in the coming quarters.
"Our team is working diligently to place Spare Backup on more solid financial ground as we support the extensive launch of our service in North America and Europe," commented Cery Perle, CEO of Spare Backup. "Our initial review in conjunction with legal counsel has led to the elimination of approximately $1 million dollars in legacy items and we are currently reviewing a number of additional items which we believe will lead to a further reduction in liabilities. We are confident that through these measures and through our aggressive rollout, we will be able to achieve our growth targets and build a profitable future for our company and its stockholders."
About Spare Backup, Inc.
Spare Backup, Inc. is a leading provider of data backup and security software for smartphones, tablets and PCs. Spare Backup's software enables consumers and small to medium sized businesses to easily protect valuable computer and mobile data quickly, automatically and cost-effectively. Spare Backup software intelligently selects, secures and stores personal and business content on a continuous basis or according to the schedule of the user's choice. It also allows for the integration of that content across various devices and provides enhanced security features to protect valuable data on any lost or stolen devices. Spare Backup software is the first totally automated cloud-based backup service that is distributed on a stand-alone or private label basis through major retail and warrantee service partners in North America and Europe.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts, which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the possibility of unknown factors, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statement. An investment in our common stock involves a significant degree of risk. You should not invest in our common stock unless you can afford to lose your entire investment. You should consider carefully all risk factors and other information in our annual report and quarterly filings before deciding to invest in our common stock. If any of the following risks and uncertainties develops into actual events, our business, financial condition or results of operations could be materially adversely affected and you could lose your entire investment in our company.
Forward Looking Statements:
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in Spare Backups filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
Kevin Fickle, President
NUWA Group, LLC
SOURCE Spare Backup, Inc.
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