Options Media Group Says Company Has Strengthened Balance Sheet with $1.3M in New Capital

Options Media Group Holdings, Inc. (OPMG), which is in the process of changing its name to PhoneGuard, Inc., today announced the Company is nearing the completion of its transformation into a mobile applications company. Management is scheduled to explain this transformation in further detail during a conference call to be held later today after the market close. Mr. Frohman advised, "While we have been hard at work on the product front, we have also made significant strides in strengthening our overall business. We have recently been able to strengthen our balance sheet with the addition of 1.3 million in new capital and have also written off several unprofitable business lines. We began our shipments of DriveSafe in March 2011. During the quarter ended March 31, 2011, we reduced our cash used in operations to approximately $222,000 and were unable to recognize revenue under generally accepted accounting principles relating to two material orders of DriveSafe shipped in March. We have also made significant strides in increasing our product distribution capabilities with the addition of several large retailers including Ralphs Grocery Company, the largest subsidiary of Kroger Co., Fry's Electronics, and Quality One Wireless as well as a recent A-list celebrity endorsement of the product."