Icahn Invests in Mobile Content Services Company

DURHAM, February 27: Motricity, a provider of mobile content
services, today announced the completion of $50 million in equity funding from
billionaire investor Carl Icahn.

Motricity also announced the appointment of Brett Icahn, an
investment analyst with Icahn Associates and affiliated companies, to the
Motricity board of directors.

“Carl has proven himself as one of the leading investors of
all time, with an incredible ability to identify top performing companies and
drive shareholder value,” said Ryan Wuerch, Motricity’s chairman and CEO. “This
investment bolsters our balance sheet and positions us to continue to
aggressively grow the business and consolidate the industry.”

The company’s client base includes Cingular, Alltel, Sprint,
Tracfone, MTV, BET, NBC, Universal Music Group, Warner Music Group, Turner and
several others. “Motricity has an excellent management team and leading
technology,” said Carl Icahn. “They are well positioned for dominance in mobile
content, a sector for which we forecast strong growth in the coming years.”