NEW YORK, May 14, 2019 /PRNewswire/ -- Mobiquity Technologies, Inc. (OTCQB: MOBQ), a leading technology provider in next generation mobile advertising media space announced a transaction to acquire the remaining 51% of Advangelists from Glen Eagle Advisors, LLC ("GEA") for $0.6 million in cash paid upon execution of the contract. In addition, Mobiquity Technologies agrees to assume a $7.5 million installment note between the former owners of Advangelists and GEA. This transaction provides Mobiquity and its executive team full and irrevocable ownership of Advangelists going forward.
"The Advangelists solution set has been the key differentiating factor and a critical factor for Mobiquity's growth since December of last year," commented Dean Julia, CEO of Mobiquity. "We believe that the acquisition of the remaining stake in Advangelists has the potential to unlock significant revenue growth opportunities for Mobiquity."
"We also believe that under our full control and leadership, the combined operations can accelerate client acquisition, expand existing client relationships, and realize a wide range of operation cost synergies. We are very optimistic that this transaction can produce faster scaling, and more profitable financial results for our shareholders going forward," concluded Mr. Julia.
Thomas M. Arnost, Executive Chairman of Mobiquity Technologies, added, "100% Mobiquity ownership of Advangelists was always our goal, so this transaction represents the achievement of another major milestone by the Mobiquity team, as we continue to successfully execute on our vision. I believe, the completion of this transaction will prove to be very beneficial to all our shareholders."
About Mobiquity Technologies
Mobiquity Technologies, Inc. (OTCQB: MOBQ), is a mobile first, next generation, platform-as-a-Service (PaaS) company for data and advertising. The company maintains the largest location database available to advertisers and marketers through their data services division. Our corporate website is (www.mobiquitytechnologies.com). Through Mobiquity Technologies' Advangelists subsidiary (www.advangelists.com), the company also provides programmatic advertising technologies and precise mobile data insights on consumer behavior.
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