Walnut Creek, Calif. - UpSnap, a provider of mobile search and live mobile audio entertainment services, announced on Wednesday that it has agreed to merge with Mobile Greetings, a developer and publisher of mobile products and services.

Under the terms, Mobile Greetings shareholders will receive shares equal to 50% of the common stock of the combined company.

UpSnap also said it plans to conduct a private placement of $3 million, proceeds from which would be used for working capital of the combined company, certain Mobile Greetings obligations and transaction expenses.

Davidson, N.C.-based UpSnap said the merger with Walnut Creek, Calif.-based Mobile Greetings will allow the combined company to deliver services to mobile subscribers regardless of carrier or phone type, and enter new markets for content and advertising-driven services.

Related Links:
http://tinyurl.com/33lfby

http://www.upsnap.com

http://www.mobilegreetings.com