SPINLET Gets Funding Boost from Verod Capital

LONDON, May 31, 2011 -

- Social Mobile Music App Maker Receives Key Investment from Nigerian
Firm Ahead of New Product Launch

SPINLET, the makers of innovative, cloud-based music streaming and
storage applications, announced today that it has received a significant
investment from Verod Capital Management Limited ("Verod Capital"), an
emerging markets investment firm based in Nigeria, with interests across
several sectors.

Verod Capital's undisclosed investment in the emerging digital music app
maker comes at a critical time to support the launch of the Finland-based
company's new enhanced service, which will predominantly service the fast
growing mobile markets of Africa, Asia, Eastern Europe and the Commonwealth
of Independent States.

"There is a strong demand for music download services in emerging markets
but consumers have limited access to portals from where they can legally
download original music tracks from local and international artists," said
Eric Idiahi, Executive Director, Verod Capital. "SPINLET is ideally placed to
source the content and deliver it to millions of underserved consumers
worldwide across the mobile and web channels."

SPINLET's current application enables consumers to remotely store, manage
and listen to music from anywhere using any mobile device. Using the SPINLET
Music Cloud portal, users can also create playlists, stream and seamlessly
synch music tracks across devices as well as share their favorite titles
using social networking sites, like Facebook.

The enhanced version of SPINLET - to be launched in July 2011 - will
combine the best of elements of the Music Cloud's existing service with
mobile downloading capabilities available on the latest generation of
smartphone platforms. SPINLET's new application will be available for major
mobile operating systems including Android, Blackberry, Symbian 60, Windows
Phone 7 and popular Java-enabled mobile phones.

Founded in 2006 by Sami Leino and Ville Leino in Finland, SPINLET started
out focusing on building a strong IP portfolio and launched their first
cloud-based music service in 2010. Going forward, SPINLET will leverage
social media integration, consumer recommendations and viral product features
to drive sales in emerging markets.

"SPINLET might be the first acquisition of a leading European mobile
technology start-up by a Nigeria-based investment firm," said Verod Capital
CEO, Danladi Verheijen. "We are extremely excited about the potential to
leverage SPINLET's technology across large African markets, as well as
support the company's growth in other parts of the world."

The company is seeking distribution and affiliate partnerships with local
mobile service operators and original equipment manufacturers to expand
availability. SPINLET is also working with leading music labels in Africa,
Europe and Asia to further develop its portfolio of localized music
catalogues.

For more information about SPINLET, visit www.SPINLET.com.

For more information on Verod Capital visit www.VerodCapital.com

Eric Idiahi: +2348020522020