Lenco Mobile Inc. owns and operates businesses focused on the high growth mobile marketing and Internet sectors, and business is good. Lenco Mobile reported revenue for the first three months of 2010, was up 161% compared to the first three months of 2009. Revenue for the mobile phone business segment of Lenco Mobile was up 29% and as online operations were acquired March of 2009, first quarter comparatives year over year are not meaningful, but this segments revenue was upwards of $2million. Despite expenses like investments in new technology platforms with high amortization and depreciation charges, research, and development costs, Lenco Mobile continues to expand operations internationally. “So far, we have generated the bulk of our revenue from carriers in South Africa and we are only now starting to see progress in the United States and Australia. We believe that during the next three to six months we will start seeing revenue from other regions, including Latin America, Asia and Europe,” said Levinsohn.
More recently, Lenco Mobile announced that is has converted approximately $2.8 million of short-term debt to common stock. We continue to increase our revenues and expand our global footprint and the conversion of the debt into equity positions us well to further accelerate our growth. “The conversion of the notes into common shares strengthens our working capital position and is indicative of the confidence in our strategy and expanding operations,” said Levinsohn,
Lenco Mobile is continuing the application process to have its common stock listed for trading on the Nasdaq Capital Market, which we hope to conclude soon.
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