PLYMOUTH MEETING, Pa., Sept. 8, 2005 (PRIMEZONE) -- SmartServ Online, Inc. (OTCBB:SSRV), a Mobile Virtual Network Operator (MVNO) that provides mobile phone service with the best in low cost prepaid minute plans and the latest in mobile content, today announced the completion of a financing agreement with hedge fund CAMOFI Master LDC, an affiliate of Centrecourt Asset Management, LLC, a New York based asset management firm.
Robert Pons, President and CEO of SmartServ commented, "The closing of this financing is an important step in moving our company closer to launching our prepaid mobile phone service UPHONIA." The UPHONIA prepaid mobile phone service will incorporate features that appeal to our target audience, such as low cost prepaid mobile wireless minutes, extensive free mobile content including ringtones, mobile games and images, and discounted international long distance. UPHONIA plans to launch customer retention programs that offer existing customers loyalty incentives to buy additional products and continue to use our services. As previously announced, SmartServ, Inc. has entered into an agreement with Sprint Spectrum L.P. ("Sprint") to provide the company with wireless minutes providing domestic calling to and from our UPHONIA prepaid service. Full details of the transaction are in SmartServ's recently filed 8K.
About SmartServ
SmartServ, headquartered in Plymouth Meeting, PA, is a Mobile Virtual Network Operator (MVNO) that provides mobile phone service with the best in low cost, pre-paid minute plans, discounted international long distance, and the latest in mobile content, such as ringtones, mobile games, and images. SmartServ products and services are marketed under the UPHONIA brand. For more information please visit: www.SmartServ.com
Forward-Looking Statements This news release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements in this document and those made from time-to-time by the Company are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements concerning future plans or results are necessarily only estimates and actual results could differ materially from expectations. Certain factors that could cause or contribute to such differences are described from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to, the "Risk Factors" described under the heading "Certain Factors That May Affect Future Results" in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2004 and other SEC filings.