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  • BY: Andrew Hore |
  • POSTED: 07/07/2009 |

Milestone Group intends to buy a minority stake in Florida-based JumpStart Wireless Corporation and take on the European rights to the technology. 

JumpStart was founded in 2000 by Dr Jeff Bonar and the first software was released in 2003. The software helps to automate the paperwork of a business’ field staff. It reduces the need for manual entry of data and can be used via mobile phones and Blackberrys. Information entered is sent directly to the company’s office.

The deal is subject to due diligence.

Milestone has limited funds and it tends to raise small amounts through share issues to generate working capital. Another share subscription is likely to help finance the acquisition of the stake in JumpStart. Additional cash might be needed if the company is to seriously market the technology in Europe. However, the intention is to develop alliances and to earn success fees when partners are signed up. This should be relatively low cost but it will take time and work to do this. Milestone admits it will need to add technology expertise to its management.

Milestone had £1,792 in the bank at the end of March 2009 and has raised more than £160,000 since then. Net liabilities were £436,000 at the end of March 2009.

It is interesting that JumpStart believes that Milestone is a good partner. Milestone has exited or closed its local media interests and its only business interest is a internet-based business called Nexstar Holdings, which plans to launch a UK sports championship aimed at the under-18s.

Milestone chairman John Sanderson is involved in a number of media companies and chief executive Deborah White’s background is in the IFA sector.

At 1.75p a share, Milestone is valued at £1.32m.

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