Company announces 82% rise in revenue from Q1 ’13 in final quarter prior to Adaptive Media acquisition
IRVINE, CA (ACCESSWIRE) 8/13/2013 - Mimvi, Inc. (MIMV) announced its financial results for the 2013 second quarter. For the three months ended June 30, 2013, the company realized revenue of $27,314 compared to $0 for the three months ended June 30, 2012, and incurred a loss of $3,253,818, or ($0.04) per share compared to a loss of $551,045 or ($0.01) per share for the three months ended June 30, 2012. For the first six months of 2013, Mimvi realized revenue of $42,314 compared to $0 for the first six months of 2012, and incurred losses of $5,380,692 or ($0.07) per share in the first half of 2013 versus $1,265,262 or ($0.03) per share for the same period last year.
"I became CEO at the start of the third quarter with the acquisition of my company, Adaptive Media, so the second quarter report describes results that occurred prior to my tenure at Mimvi," said Mimvi CEO Qayed Shareef. "Nonetheless, Mimvi saw a healthy percentage increase in revenues, and roughly half of the losses in the quarter can be attributed to expenses related to stock, option, and warrant, issuances, plus the write-down of the assets acquired in the Lone Wolf acquisition.
"As of July 1, it's a different Mimvi, and you will see a line in the sand with respect to financial and operational performance," Shareef continued. "A solid team of media-tech executives have stepped in to run the company. We have a proven business model, solid technology platform, customers and expanding revenues, and we're in the center of the fastest-growing and most lucrative segments of the multi-billion dollar digital marketing industry. I think investors will be pleased when they see Adaptive Media's historical audited financials in mid-September, and when Mimvi's Q3 financial report is released in mid-November."
Shareef added, "As I reported last week, we made some quick, bold moves in my first month as CEO to substantially cut Mimvi's burn-rate, and the impact of these moves will really start showing up come Q4. At Adaptive Media, we are in the process of adding several key, revenue-focused individuals, who will help take the company to the next level."
Shareef stated that TrepLabs, Mimvi's joint-venture with Entrepreneur Media, is on track to launch in September, and that he remains confident in achieving the revenue goals he outlined during the July 24 investor conference call.
On the subject of financing and capital needs, Shareef commented, "We are laser focused on achieving financial independence, and have a good handle on how much capital we will require to get to break-even levels. Our goal is to achieve this in the first half of 2014. We are mindful that all financings dilute our shareholders, and as our largest shareholder, it impacts me the most, so I'm highly motivated to be fiscally prudent. We have incredibly supportive, friendly financial partners who have reaffirmed their commitments to providing us the resources that we need."
"We have good reason to be optimistic about the opportunity in front of us," Shareef concluded. "I look forward to showing investors significant progress in our operating results in the quarters ahead."
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 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.
SOURCE: Mimvi, Inc.