(Every Tuesday, Kyle St. Romain will talk about the business and legal side of the app world. While his opinions don’t always reflect those of Rocksauce Studios, you should hear him out…the guy knows his stuff!)

On Monday, June 18 Sarah Frier, a writer for Bloomberg, reported that Facebook is working on location based mobile advertising; a technology that will allow local businesses to target customers who are physically located near their shops. Shortly thereafter, Facebook told TechCrunch that Ms. Frier might have read into comments made by VP Carolyn Evenson a little too deep. In other words, Facebook did not officially confirm (nor did they deny) that such a product is being developed. I tend to agree with Bloomberg, and here’s why.

More after the JUMP…