MINDEN, Nev. - July 10, 2012 (Investorideas.com Newswire) Spare Backup Inc.(OTCBB: SPBU),
a provider of data backup and security software for smartphones,
tablets and PCs, which is carrier and manufacturer agnostic, today
announced that Spare Backup has reduced its outstanding liabilities by
approximately $1 million dollars
in the third quarter of 2012 as management has begun an extensive
review of certain accounts payable and other obligations of the company.
Management believes there will be additional reductions in overall
liabilities including the elimination of certain aged payables and
renegotiation of others which will help to strengthen its balance sheet
in the coming quarters.
"Our team is working diligently to place Spare Backup on more solid financial
ground as we support the extensive launch of our service in North
America and Europe." commented Cery Perle, CEO of Spare Backup, "Our
initial review in conjunction with legal counsel has led to the
elimination of approximately $1 million dollars in legacy items and we
are currently reviewing a number of additional items which we believe
will lead to a further reduction in liabilities. We are confident that
through these measures and through our aggressive rollout, we will be
able to achieve our growth targets and build a profitable future for our
company and its stockholders."
About Spare Backup, Inc.
Spare Backup, Inc. is a leading provider of data backup and
security software for smartphones, tablets and PCs. Spare Backup's
software enables consumers and small to medium sized businesses to
easily protect valuable computer and mobile data quickly, automatically
and cost-effectively. Spare Backup software intelligently selects,
secures and stores personal and business content on a continuous basis
or according to the schedule of the user's choice. It also allows for
the integration of that content across various devices and provides
enhanced security features to protect valuable data on any lost or
stolen devices. Spare Backup software is the first totally automated
cloud-based backup service that is distributed on a stand-alone or
private label basis through major retail and warranty service partners
in North America and Europe.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking information made on the company's
behalf. All statements, other than statements of historical facts,
which address the company's expectations of sources of capital or which
express the company's expectation for the future with respect to
financial performance or operating strategies can be identified as
forward-looking statements. Such statements made by the company are
based on knowledge of the environment in which it operates, but because
of the possibility of unknown factors, as well as other factors beyond
the control of the company, actual results may differ materially from
the expectations expressed in the forward-looking statement. An
investment in our common stock involves a significant degree of risk.
You should not invest in our common stock unless you can afford
to lose your entire investment. You should consider carefully all risk
factors and other information in our annual report and quarterly
filings before deciding to invest in our common stock. If any of the
following risks and uncertainties develops into actual events, our
business, financial condition or results of operations could be
materially adversely affected and you could lose your entire investment
in our company.
Forward Looking Statements:
This press release contains forward-looking statements that involve
a number of risks and uncertainties, including statements regarding the
outlook of the Company's business and results of operations. By nature,
these risks and uncertainties could cause actual results to differ
materially from those indicated. Generally speaking, any statements
using terms such as "will," "expect," "anticipate," or "may," or which
otherwise predict or address future results or events, are likely to
contain forward-looking statements. It is important to note that actual
results may differ materially from what is indicated in any
forward-looking statement. Readers should consider any forward-looking
statements in light of factors that could cause actual results to vary.
These factors are described in Spare Backups filings with the SEC, and
readers should refer to those filings, including Risk Factors described
in those filings, in connection with any forward-looking statements.
The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT
Investor Contact:
Kevin Fickle, President
NUWA Group, LLC
415.525.8275
kevin@nuwagroup.com
Published at Investorideas.com
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