Update Regarding Mobile Integrated Systems' Acquisition of Quantitative Alpha Trading
TORONTO, Dec. 20, 2012 /PRNewswire/ -- Mobile Integrated Systems, Inc. ("MIBI") and Quantitative Alpha Trading Inc. ("QAT,") have agreed to extend the outside closing date of MIBI's acquisition of QAT to June 30, 2013. This extended period allows the companies time to focus their combined resources on the continued integration of the businesses and the further development and commercialization of QAT's software.
"Although the merger is taking somewhat longer than anticipated we are looking forward to completing the merger in 2013," said Jim McGovern, CEO of QAT.
"The commercialization agreement between the companies has led to an improvement in the commercial potential of QAT's software. We launched the software in the Bloomberg App store and have secured our first revenue generating customers, and are in advanced talks with several firms about distributing Stealth Analytics," said Murray Simser, President and CEO of MIBI.
Stealth Analytics is available for download within the Bloomberg App Portal for Bloomberg Professional Service subscribers and is also available as a direct download at http://mobileintegratedsystems.com/mobi-finance/stealth-analytics. The cost of Stealth Analytics is $299.00 per month.
About Mobile Integrated Systems, Inc.
A Nevada corporation, is a technology company focused on developing and deploying mobile products and transaction systems to a variety of industry sectors including lotteries, gaming, transportation, telecommunications, finance, and others. The company trades on the OTCUS under the symbol MIBI. More information can be found at: http://mobileintegratedsystems.com/
About Quantitative Alpha Trading, Inc.
For more than a decade, QAT, an Ontario corporation, has been researching, developing and maintaining proprietary algorithmic securities trading systems that operate across numerous financial markets. Relying on behavioural science patterns, the Company's proprietary systems use a linked series of computer programs to analyze securities market data in real-time and directly execute buy or sell orders over the electronic securities exchanges while monitoring the status of every trade within a given portfolio without human intervention. The Company trades on CNSX under the symbol QAT and in the United States on the OTCQB under the symbol QATSF. http://www.qatinc.com/
This press release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995 and Canadian Securities Legislation. These statements are based upon our current expectations and speak only as of the date hereof. Such forward-looking statements are inherently uncertain. Our actual results may vary materially from those expressed in any forward-looking statements as a result of various factors and uncertainties. Neither MIBI nor QAT can provide assurances that any prospective matters described in the press release will be successfully completed or that MIBI or QAT will realize the anticipated benefits of any transactions, specifically including whether transaction will close as described herein, otherwise or at all.
Various risk factors that may affect MIBI business, results of operations and financial condition are detailed from time to time in the Annual Report on Form 10-K and in the Current Reports on Form 8-K and other filings made by Mobile Integrated Systems, Inc. with the U.S. Securities & Exchange Commission. MIBI undertakes no obligation to update information contained in this release.
Neither CNSX nor any other exchange has reviewed or accepts responsibility for the adequacy or accuracy of the content of this news release.
SOURCE Mobile Integrated Systems, Inc.; Quantitative Alpha Trading, Inc.