MEDL Closes Series A Funding Round For Hang W/
FOUNTAIN VALLEY, Calif., July 16, 2013 (GLOBE NEWSWIRE) -- MEDL Mobile, Inc. (OTCBB:MEDL) – a pioneer in the creation, development, marketing and monetization of mobile apps – announced today that the company has closed a $2,000,000 Series A Investment for the Hang w/ platform. The recent investment places the value of the Hang w/ subsidiary at approximately $20,000,000.
The investment round was led by Mishaal Alireza who will take a seat on the Hang w/ Board of Directors. Mishaal co-founded Alireza Holding Co. in 1997, which owns and operates the largest premium Apple Reseller chain and the largest video game retailer franchise in Saudi Arabia. Alireza Holding Co is multi-national organization and one of Saudi Arabia's most respected trading groups, who have developed market-leading positions in trading, advertising, retail, and service industries throughout Saudi Arabia and the Middle East. A prominent entrepreneur, Mishaal has been featured in Arab News, Saudi Gazette, Design Magazine, Destination Jeddah and Oasis Magazine.
The Hang w/ live streaming platform has quickly grown with more than 1.3 million broadcasts and more than 7.5 million user sessions on the iPhone platform alone in only its first few months. Hang w/ for Android was released one week ago, more than doubling the potential market.Hang w/ uses a patent pending scalable system architecture, which integrates broadcasting with real-time social features and advertising. "This investment and the valuation is a testament to the phenomenal early organic success of Hang With," said Andrew Maltin, CEO. "It provides the capital needed to fine tune the technology, increase usage, and help establish Hang With as the dominant live streaming video technology." The platform has been embraced in the entertainment world - where top talent such as Paula Abdul, Timbaland, Kaskade and even Larry King are increasingly "Hanging w/" their fans. The Hang w/ app enables live, real-time video to be sent from one phone to many. Anyone with an iPhone or Android device can connect instantly to hundreds, thousands, even millions of fans via live-streaming video broadcasts.
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