247MGI Secures Funding Commitment

2008-07-24 13:13:03 -

- 247MGI, Inc. (OTC:TOFS) ("247MGI") has received a funding commitment for $100,000 which can be raised to $200,000 based on performance by the Company.

Under the terms of the Agreement 247MGI shall receive an initial investment of $20,000 and can receive four other installments as the Company progresses. The money is being invested as a convertible debenture with a 15% discount to the market on the day of the initial funding.

247MGI must have its new management in place to receive the first round of funding, then once Smallcap Rapp(TM) is ready to launch the Player Application the Company can receive an additional $20,000, when Smallcap Rapp(TM) begins streaming video broadcasts the Company can receive an additional $20,000, and when 247MGI has forwarded all the information to its auditors to begin preparing the financials so the Company can become current, then 247MGI shall receive the final $40,000.

If 247MGI can complete all the tasks as outlined above the Company can request an additional $100,000, should the Company not meet the timeline then it will not be penalized outside of not being able to receive the additional $100,000.

Military Calling Cards

247MGI has placed a Paypal link on its website to raise money to send calling cards to our troops. Please donate whatever you can so our men and women of the military can do what we do everyday, call home!

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

247MGI, Inc., Fort Lauderdale
Matt Dwyer, Chairman and CEO, 954-323-2516
mdwyer@247mgi.com