Name Change Reflects Company’s Focus On $118 Billion Digital Advertising Market
IRVINE, CA, September 19, 2013 – (Accesswire) – Mimvi, Inc. (MIMV) announced it has filed a Schedule 14C Information Statement with the U.S. Securities and Exchange Commission (SEC) reflecting the vote of a majority of shareholders approving the company’s name change to Adaptive Media, Inc. The Company expects the change to take effect in the fourth quarter.
"We are changing the company’s name to Adaptive Media to ensure that our partners, customers, shareholders and the investment community as a whole fully understand the focus of the business moving forward. We are a growing player in the programmatic digital advertising marketplace," said Adaptive Media Founder and Mimvi CEO Qayed Shareef. "Programmatic buying and selling is done on a real-time basis using data-driven rules and algorithms to automate the process of pinpointing relevant audiences. This is what we’re building."
"We are a Supply-Side Platform - an SSP - for mobile, video and online display advertising," Shareef added. "We partner with companies such as mobile app developers, video content providers and website owners who have ad inventory, the supply. We put their inventory into our platform and match it with advertisers, the demand. Demand comes from direct relationships with brands and ad agencies, ad networks, exchanges and Demand-Side Platforms, or DSPs. Using technology; we sit between supply and demand and take a margin. As you can see from our recent financial report, we are growing quickly and feel very good entering the fourth quarter."
On Tuesday, Adaptive Media announced audited financial performance from 2012 and the first half of 2013 which showed top-line revenues of $143,353 and $613,347, respectively.
According to market research firm eMarketer, the worldwide digital advertising market will exceed $118 Billion dollars this year, and is expected to surpass $163 Billion by 2016.
"We are in the process of integrating Mimvi’s core discovery and recommendation technology into the Adaptive Media systems to optimize ad performance," Shareef concluded. "This benefits both our supply partners who get better monetization of their traffic as well as the advertisers who are seeking maximum ROI."
ABOUT ADAPTIVE MEDIA
Based in Irvine, California, Adaptive Media is a multi-channel audience and content monetization company working with website owners, app developers and video content publishers to better optimize the serving of content and ads together. The company serves as the foundation for content developers looking to engage brand advertisers through integrated, engaging and impactful ads across its content on multiple devices. Adaptive Media's multi-channel, programmatic ad delivery and content platform delivers relevant and timely-placed advertising that meets the needs of its publishers' audiences without interrupting their users' experiences. For more information, please visit: http://www.adaptivem.com/.
Mimvi, Inc. (MIMV) is a leading mobile search and discovery technology provider. Its proprietary search and "intelligent" recommendation algorithms enable the search and discovery of Mobile Apps, Mobile Content and Mobile Products across multiple devices and platforms, including: Apple's iPhone and iPad, Google Android, BlackBerry, Windows Phone, Facebook and web applications. For more information, please visit: http://www.mimvi.com/.
Safe Harbor Statement:
This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. MIMVI has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect Mimvi's current beliefs and are based on information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause Mimvi's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. MIMVI undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements.