IRVINE, CA, May 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Vita Mobile Systems, Inc. (OTC PINK: VMSI), a technology company specializing in big data via digital imaging on mobile devices, today provided an update on both its progress toward uplisting to the OTCQB and its Artificial Intelligence (AI) Content System.
As an update to shareholders, Vita Mobile Systems has been working with its accounting, audit and legal partners to complete its financial statements, a company audit and finalize its registration statement on Form S-1, which is part of the process to become a fully reporting company with the U.S. Securities and Exchange Commission (SEC) and to uplist to the OTCQB. The OTCQB is recognized by the SEC as an established public market and is a venture market designed for early-stage and developing US and international companies.
Sean Guerrero, CEO of Vita Mobile Systems, stated, “We started the process of uplisting to the OTCQB at the end of last year and while it's all going to plan, it's taken longer than anticipated. With that said, we are happy to report our financial statements are now completed, and the audit is underway. I expect part of the slowdown this spring was due to the strain on public accounting resources to manage all the annual filings for their clients. Regardless, we are glad to finally have the financial statements completed and the audit in progress.”
“We have also received the final draft of the registration statement on Form S-1 from our legal team, so it will be ready to be filed as soon as the audit is completed. Everything is coming together. In order to bring these initiatives to completion, we negotiated a small promissory note from our partner Tangiers Global for $42,000, convertible at $0.01 with a 10% fixed interest and a 7 month term. We appreciate Tangiers' confidence and showing their faith in our direction through this small promissory note while still holding all prior notes. Even though this process has taken longer than expected, rest assured we have also been using this time wisely to develop some new tools and expand our product offerings to capture more market opportunities, especially with our Artificial Intelligence (AI) content system. Additions to our staff and marketing promotions that we have previously discussed are put on hold until we complete this new path of initiatives. We look forward to providing more updates soon.”
Vita Mobile Systems offers an Artificial Intelligence (AI) Content System designed to analyze social media content on any open source social media platform to interpret behavior, anticipate need and predict patterns, making it a robust, versatile service that can be leveraged by any industry to analyze trending data and analytical information. Additional applications include use by the public and even in the security and military intelligence sectors.
To learn more about VITA please visit the Vita Mobile Systems website at http://www.vitamobilesystems.com/
About Vita Mobile Systems, Inc. (www.vitamobilesystems.com)
Vita Mobile Systems, Inc. (OTC PINK: VMSI) is a data company focusing on digital imaging in mobile technology, collection of big data and development of artificial intelligence and ad technologies (ad tech). Advertising Technology or “ad tech”, refers to different types of analytics and digital tools used in the context of targeted advertising. Vita Mobile Systems has developed proprietary ad tech, algorithms, and tools which gather, categorize, analyze and augment digital content. Over the years, Vita Mobile Systems' strong foundation of successful entrepreneurs has used these proprietary marketing, social media, and data collection tools to generate significant amounts of internet traffic for advertising networks. The company plans to file a series of patents surrounding many of the proprietary ad technologies, machine learning techniques and AI algorithms it has developed over the years. With these patents, Vita Mobile Systems aims to create a monumental library of crowdsourced content, a massive catalogue of predictive big data, and platform for ultra-targeted advertising.
Cautionary Language Concerning Forward-Looking Statements:
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by VITA. The public filings, if any, of Vita Mobile Systems, Inc. (OTC Pink: VMSI) may be accessed at www.otcmarkets.com. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. VITA cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, VITA does not undertake, and VITA specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Vita Mobile Systems, Inc.
2640 Main St.
Irvine, CA 92614