MBIC Mobile Infrastructure Corporation (CE)

MOBICOM Corporation (OTCBB:MBIC.OB) today announced that its Korean subsidiary, Mobicom Korea, has sold shares of its common stock representing a 50% ownership interest to FAS Alliances Inc., a Korean based investment company. Mobicom Corporation also announced an operating loss for the quarter ended September 30, 2008. FAS Alliances Inc. has invested $.8 million for a 50% interest in Mobicom Korea. In addition, FAS Alliances has committed to invest an additional $16.5 million in Mobicom Korea over the next sixteen months, subject to Mobicom Korea achieving revenue and net income targets for the years ending 2008 and 2009. FAS Alliances Inc. was founded by Mr. Ki-Young Sohn, a former Senior Director of PricewaterhouseCoopers Inc. and the founder of Alliance Technology in the United States. �We are pleased to announced the relationship with FAS Alliances, " said Kris Ahn the CEO and President of Mobicom Korea. "In addition to the capital investment, we believe that our relationship with FAS Alliances' deep relationships in the Asian market will provide strategic support and enhance the revenue of Mobicom Korea.� Commenting on the FAS Alliances Inc. transaction and the Mobicom Corporation results for the quarter ended September 30, 2008, Michael Levinsohn, CEO of Mobicom Corporation said �The economy in Korea is really tough right now. Most of our clients in Korea are financial institutions and retailers, which has led to a dramatic slowdown in business for Mobicom Korea in the third quarter have been delayed until at least early 2009. Bringing in a strategic partner who has capital and access to new clients makes absolute sense at this time. The Korean Stock exchange is down 40% this year and the Korean Won is down 31% against the US dollar. Given that we report in US dollars, the macroeconomic impact on our revenue and profits is going to be significant unless we secure additional capital and growth opportunities.� Levinsohn went on to say, �While we acknowledge that we are diluting our shareholding in Mobicom Korea, we believe that this is in the best interests of both the company and our shareholders.� Mobicom Corporation advised that if it does not meet its operating plan and the minimum requirements for additional investment from FAS Alliances, it will have to attempt to raise additional capital or significantly change the operating plan for Mobicom Korea. Mobicom Corporation�s net revenues were $346,507 for the three months ended September 30, 2008, compared to $49,904 for the same period in 2007, an increase of 594%. Nine month net revenues for the nine months ended September 30, 2008 were $3,210,805 compared to $115,214 in the same period in 2007, an increase of 2,787%. The net loss for the three months ended September 30, 2008 was $1,025,162 compared to a net loss of $265,315, for the same period in 2007. The fully diluted loss per share based on 52,222,034 shares outstanding was $0.02 per share for the quarter and $0.07 for the nine months to September 30, 2008. Commenting on the results, Mobicom Corporation CEO, Michael Levinsohn, said, �We are obviously disappointed with the significant decline in the performance of Mobicom Korea for the period. While we expect the market in Korea to be very challenging over the next several quarters, we are optimistic that the introduction of FAS Alliances Inc. as a strategic partner in the business will provide us with the capital base to sustain the business.� About MOBICOM Corporation MOBICOM Corporation (MBIC.OB) is focused on the fast growing mobile phone industry. According to available industry data, there are now approximately 3.2 billion cell phones in use worldwide and more than 1.3 billion Internet connections. With the convergence of technologies and the ability to target individual subscribers, transaction based applications are expected to grow exponentially for the foreseeable future. Because of limited growth in Average Revenue Per User (ARPU), Mobile network operators worldwide have identified data as a high growth area and in particular user generated applications. MOBICOM Korea, (www.mobicomkorea.com) is a leader in the provision of mobile marketing solutions for both mobile phone networks and brand owners who wish to target customers in a meaningful and measurable way. The acquisition of MOBICOM Korea by MOBICOM Corporation in December 2007 was aimed at providing access to a number of leading companies in the Korean market. Mobicom Korea, under the AIMMS brand, has provided database marketing, membership rewards systems, CRM systems and mobile marketing services to inter alia Dongbu Group, LG, CJ Corp (Jeil), Johnson and Johnson, Procter and Gamble, Microsoft, LG Telecom, Citibank, HSBC, American Express, Shinhan Life, Kookmin Card, Miliore, Missa, LG Card, Webtour, Pizza Hut, HanilWorld, Grand Korea Leisure and Sport ToTo. FORWARD LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: whether MOBICOM Corporation can successfully execute its operating plan; the sustainability of recent growth rates in the cell phone market; the positioning of MOBICOM Corporation products in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether MOBICOM Korea can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. MOBICOM Corporation and MOBICOM Korea do not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.