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MVH Acquisition

Acquisition Medic Vision Limited (MVH), soon to be renamed Media3Corp, has signed a heads of agreement to purchase MConnect Pty Ltd, an international mobile marketing and content distribution company (target company). The target company has a global presence and contracts with mobile carriers around the globe for the distribution of mobile content. The target company will utilize its growing network of mobile carrier and advertising partners to grow its mobile marketing division, allowing its customers unparalleled access to distribute their own message and products/services across the world’s fastest growing advertising medium - Mobile. Chairman of MVH, Jitto Arulampalam, said today “This strategic acquisition will further complement the Company’s already successful media and marketing subsidiary, cBox Pty Ltd and will allow for exponential growth of leading, cutting edge digital technology.” The target company has developed a range of technological solutions that will prove to be an invaluable resource to businesses looking to target mobile users with their message or products. The target company provides a fully managed or self service mobile marketing platform solution, allowing easy set up and management of multiple mobile marketing campaigns across different countries, mobile operating systems and carriers. “The target company’s notable advanced technology solutions and already established solid distribution network in the global market will accelerate the dynamic growth and ever-growing need for effective digital marketing solutions in the Australian and International business markets” Mr Arulampalam said. The target company has a strong profit history. EBITDA for the 2010 financial year was approximately $1.8 million and the forecast EBITDA for this financial year is between $2- $3 million. Due to contractual sensitivities MVH and the target company have agreed that terms of the acquisition will remain confidential until completion of due diligence (approximately 4 weeks). However, MVH can confirm that the total consideration for the acquisition is $8 million payable by $3 million cash and 100 million shares at an issue price of $0.05 per share. The vendors will also receive 10 million options at an exercise price of $0.20 per option. The acquisition is subject to a number of condition precedents, including ASX and shareholder approval pursuant to the Listing Rules and the Corporations Act. Further details regarding the terms of the acquisition will be released in due course.