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MobilePro explores possible sale of Bethesda firm
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Wireless Internet access has spread rapidly through the world in recent years. MobilePro, which gets most of its revenue from wireless subscribers and the pay phones it owns, has historically lost money and may be looking to sell. Bethesda-based wireless company MobilePro Corp. announced Monday that it will explore strategic alternatives for the firm, which could include a sale. MobilePro already has received inquiries from potential partners regarding portions of the company’s business but would not disclose the interested firms, the company said in news release. “If you look at our stock price over the past year or so, it’s going in the wrong direction,” Chief Executive Officer Jay Wright said in an interview Monday, adding that the company is exploring options that will increase value for shareholders. MobilePro announced last month that its subsidiary, ProGames Network, plans to merge with Winning Edge International Inc. Another one of its subsidiaries, Kite Networks, obtained a financial advisor earlier this year to investigate spinning off from MobilePro. The company, which gets most of its revenue from wireless subscribers and the pay phones it owns, has historically lost money. It posted a $5.1 million loss in the third quarter of 2006, its most recent financial report said. MobilePro is expecting to make an announcement regarding a potential agreement in the next 90 days or so, Wright said. melissa.frederick@dcexaminer.com |