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Online Backup Firm, Spare Backup Adds New Mobile, OEM PC Service Agreements

Cliff Boodoosingh on August 24, 2010
Management in Negotiations with Several Large Potential Customers for Mobile Data Backup, PC Backup, and Cloud Computing Software Licensing Using This Framework

PALM DESERT, Calif., Aug 24, 2010 (BUSINESS WIRE) -- Spare Backup, Inc. (SPBU) today announced that it will be modeling new Mobile and OEM PC service agreements after its recent agreement with Sony Electronics, Inc. ("SEI Agreement") as referenced in its July 15, 2010 Form 8-K filing with the Securities and Exchange Commission. It is anticipated that Spare will be recognizing revenue under this agreement commencing in the 3rd quarter.

Under the terms of the SEI Agreement, Spare Backup will provide its proprietary online data backup and transfer services to be marketed by SEI to its customers, offering a free introductory, one year subscription service that can be upgraded after one year or for the purchase of larger storage plans with designated storage price points. Spare Backup will receive revenue on all free introductory accounts and will share in all revenue derived from any additional purchases.

Spare Backup is in negotiations with several large potential customers for similar licensing agreements. Management believes it will achieve significantly better results through a more predictable revenue stream as a result of the joint commitments with its partners.

Commenting on the announcement, Cery Perle, CEO of Spare Backup, stated, "As we continue to look to broaden our worldwide footprint we are excited to be working with industry leaders in consumer electronics and look forward to adding additional customers under this licensing framework. We are confident that this will accelerate our future growth in a more predictable way and open additional revenue-generating opportunities for us in the future. "

About Spare Backup, Inc.

Spare Backup, Inc. specializes in helping consumers, small office/home office users and small to mid-sized businesses protect their computer data quickly, automatically and cost-effectively. The company's flagship Spare Backup product is the first totally automated online backup service that intelligently selects, secures and stores files without any user intervention, automatically backing up documents, email, music, photos and other PC files on a continuous basis or according to the schedule of the user's choice. The company recently has launched a suite of services in consumer cloud computing. The company is headquartered in Palm Desert, California.


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