SUNNYVALE, Calif., May 21, 2013 /PRNewswire/ -- Mimvi, Inc. (MIMV), a leading mobile search and recommendation technology company, announced its financial results for the 2013 first quarter on Monday, May 20.
For the three months ended March 31, 2013, the company realized revenue of $15,000 compared to $0 for the three months ended March 31, 2012, and incurred a loss of $2,126,873, or $0.03 basic loss per share compared to a loss of $714,217 or $0.02 basic loss per share for the three months ended March 31, 2012.
"The closing of Q1 marked a key change for Mimvi, as we turned the page from pre-revenue to revenue," said Mimvi CEO Michael Poutre. "First quarter saw a small amount of revenue, but as we discussed in our April 16 investor conference call, the second, third, and fourth quarters of this year are where we expect many of our revenue-producing efforts to start coming to life."
Poutre added, "The balance of this year will be a very exciting time for us, and we are squarely focused on the bottom line."
Speaking about cash-on-hand and financial resources, Poutre said, "When the first quarter ended, our cash in the bank was low. However, as I said on the conference call with our shareholders, we have access to the resources we will need to continue to achieve our goals."
Poutre continued, "There were some higher-than-normal expenses in the first quarter, as we prepared for the launch of several lines of business, including TrepLabs™, Mimvi Apps, and MimviLink. In recent weeks, we have taken steps to trim our expenses and streamline our business activities. We know our shareholders have stood by us through our efforts to build out our technology platform and bring products to market, and we are optimistic that our future financial results will reward them."
Poutre added, "Mimvi has made tremendous progress over the last several months…We have brought products to market, started producing revenue, made some small acquisitions, updated our web properties, and saw great initial traction of our native app in the Google Play store. Meanwhile, TrepLabs™, our joint-venture with Entrepreneur Media, is already generating a lot of buzz, and will be going live shortly.
"We are looking forward to showing our results for the balance of the year," he concluded. "It took a lot of time and resources to get to this point, and our entire team is looking forward to proving the merits of our efforts."
Headquartered in Sunnyvale, California, Mimvi, Inc. (MIMV) is a leading mobile search and recommendation 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.
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.