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| MEDIARING BRAND CHANGES TO SPICEi2i AS
COMPANY GEARS UP TO ENTER MOBILE INTERNET INDUSTRY
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The new brand integrates company as part of a US$2 billion global network
Singapore, 6 January 2010- Mainboard-listed MediaRing Ltd (SGX: M09) is strengthening its footprint in the mobile internet industry with the launch of the new brand - Spicei2i. The new brand integrates MediaRing into the US$2 billion Spice Global network.
"Spicei2i is more than just a new brand, it is the new identity, the new DNA for the company. The name Spice denotes Synchronised Performance through Innovation in Communication and Entertainment, while i2i represents from 'Innovation to Infinity'. This means continuous innovation to create infinite possibilities for the future. With the launch of the Spicei2i brand, the company ventures beyond the internet telephony industry to become a complete mobile internet solutions provider that constantly pushes the boundaries in mobile communication and entertainment," said Dr B. K. Modi, Chairman, Spice Group and MediaRing Ltd.
"i2i also stands for the company's growth aspirations in the Israel-to-Indonesia belt, a youthful market comprising 41 countries that make up 16 per cent of the world's gross domestic product (GDP) and more than 40 per cent of its youth and young adult population. As the most developed country within the i2i region with a good communication infrastructure and internet connectivity, Singapore will be the first to experience Spicei2i. Following that, Singapore will serve as a springboard through which the Spicei2i concept and experience will be introduced to the rest of the region," added Dr Modi.
In line with its growth plans, MediaRing has acquired a business process outsourcing (BPO) specialist and an information technology company. MediaRing is also embarking on the distribution of the mobile handsets.
"With the capabilities of these new businesses, MediaRing is equipped to become a multi-product corporation offering the complete range of hardware, software and service under Spicei2i. As a result of the acquisitions, our staff strength will also increase to 5,000 - an exponential increase for a previously 250-strong company," said Mr Ashok Kumar Goyal, Executive Director and Chief Executive Officer, MediaRing Ltd.
With the launch of Spicei2i, the company will be rolling out its first range of mobile products and services under the new brand. This includes S Connect - a VoIP call-connect service for mobile users, music application downloads as well as Spice mobile handsets which will be fully compatible with the Spicei2i software and services.
Besides Spice mobile phones, the new services are also available for use with Nokia E and N series mobile phones. Products compatible with Windows Mobile, Google Android, Blackberry and iPhone operating systems are in the final stage of development and will be introduced by the end of the first quarter.
In line with the launch of Spicei2i, plans are in place to change the company's name to one that reflects the new business direction. The proposed change is set to be confirmed by end-April 2010, subject to regulatory approval and to shareholders' approval at the upcoming annual general meeting.
After having worked on the transformation of MediaRing Ltd since its entry into the Spice fold in September 2009, Mr Ashok Kumar Goyal, current Chief Executive Officer, would remain as Executive Director, MediaRing Ltd, and focus on the enhancement of shareholders' value, working closely with the Board.
Mr Maneesh Tripathi, who has substantial experience in the IT industry over the last three decades, will take over the reins from Mr Goyal, effective April 2010. Mr Tripathi will become the Chief Executive Officer of MediaRing Ltd and be in charge of the day-to-day operations of the company.
About MediaRing:
Established in 1993, MediaRing Ltd is a premier IP communications solutions provider specialising in voice, data and computing services. In August 2009, Spice Innovation Technologies Pte Ltd, a Singapore-based subsidiary of the Spice Group, acquired a 19.8 per cent stake in MediaRing, making it the single largest shareholder of the company. MediaRing has since undergone significant structural and operational changes under the company's new leadership team. Its operations are now being driven by Spice Group.
Leveraging its strong technological expertise, leading edge in VoIP and global distribution network, MediaRing delivers a wide range of Voice, Data and Computing services to carriers, enterprises, service providers and consumers worldwide. MediaRing's service portfolio includes Utility Computing, IT Infrastructure, Hosting and Outsourcing, Broadband Access, Managed Network and various other Network based services.
MediaRing Ltd is listed on the mainboard of Singapore Stock exchange since 1999, trading under the ticker symbol SGX: M09.
About Spice Group
Spice Group is a US$2 billion multi-diversified conglomerate led by global chairman Dr B. K. Modi (Dr BKM) headquartered in Singapore with offices in Delhi, Mumbai, Shenzhen and Los Angeles. Spice Group has business interests in telecommunications, media and entertainment, finance and new and innovative technologies.
Spice Group has four business verticals:
- Spice Televentures - operates businesses in the domain of Mobile devices, Mobile Value Added Services, Application Development, Mobile and Technology Consumer Products Retail and Domestic Onshore BPO Services.
- Spice Enfotainment - has business interests in Filmed Entertainment (Buddha and 'No Problem'), Malls and Multiplexes, Restaurants, Entertainment Content.
- Spice Investments & Finance Advisors - Fund Management, Distressed Assets Funds, Fixed Income Products, OTCEI Retail products.
- Spice Innovative Technologies - Spice i2i (MediaRing)
Information Technology businesses and Digital/E-Education.
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