Company Consolidates Three Offices Into One As Part Of $100k+/Month Cost-Cutting Measures
IRVINE, CA- ACCESSWIRE- 8/5/2013 - Mimvi, Inc. (MIMV), a multi-channel audience and content monetization company, today announced it has consolidated its three offices into one new corporate headquarters in Irvine, California, and has eliminated over $100,000/month in fixed expenses. Along with closing its Sunnyvale and Westlake Village offices, the Company has reorganized staff to focus on key revenue-producing initiatives within its Adaptive Media unit.
"As I mentioned during the investor call on July 24, I am committed to getting Mimvi squarely on a path to sustainable financial independence," said Adaptive Media Founder and Mimvi CEO, Qayed Shareef. "We've accomplished a lot in my first month as CEO. At Adaptive Media, we launched our mobile ad serving and monetization platform, mAdaptive, and our video content management and monetization platform, vidAptive. We've also brought in several key revenue deals. From the Mimvi side, we've begun integrating the discovery and recommendation technology into Adaptive's systems. The pairing of Mimvi's core technology with Adaptive Media's supply-side mobile, video and display advertising platforms positions us to be a powerful player in some of the fastest and most lucrative segments of the multi-billion dollar digital advertising industry."
Shareef stated that most of the financial benefit of the restructuring efforts will take place starting in the fourth quarter of this year.
"We've made adjustments to cut Mimvi's burn-rate substantially," Shareef concluded. "We've had to make some tough decisions, but the Company is leaner, stronger and better positioned to take advantage of the opportunities ahead."
ABOUT ADAPTIVE MEDIA
Based in Irvine, California, Adaptive Media is an 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 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.
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SOURCE: Mimvi, Inc.