Mimvi Executes LOI for US$5 Million With First Wall Street Capital Corp. of NYC
SUNNYVALE, Calif., Oct. 18, 2011 /PRNewswire/ -- Mimvi, Inc. (OTCBB: MIMV) has announced that it has executed a Letter of Intent (LOI) with First Wall Street Capital Corp. (http://www.firstwallst.com), of New York City, to act as financial advisor in assisting Mimvi in its goal of raising US$5 million in the next 90 days.
The proposed investment is expected to be in the form of convertible notes, convertible at a fixed share price. Additional details on the terms will be made available in the next few weeks, following completion of the offering documents.
Mimvi's President and COO, Michael Poutre, commented, "This deal should finance Mimvi to the point of profitability, and enable us to complete the development on several cutting-edge projects that are in the works. We have completely transformed the structure of the Company in the last 70 days, and the Street is beginning to reward us for those efforts. First Wall Street clearly understands our space, and Mimvi's positioning within that space. Further, they see Mimvi as understanding what it takes to create shareholder value, which is one of our driving forces. As the Company continues to push the envelope of the Mobile Internet, we are completely committed to monetizing our technological leadership into sustainable profits for our shareholders."
For more information about Mimvi, please refer to the Company's website (http://www.mimvi.com) or contact Investor Relations at: (248)-561-7995.
Headquartered in Sunnyvale, California, Mimvi, Inc. (OTCBB: MIMV) is a pure-play search and recommendation technology company. Its (patent pending) 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, Google Android, BlackBerry and Web Apps. Services for iPad, Windows and Samsung are in the pipeline. For more information, please visit: http://www.mimvi.com
About First Wall Street Capital
First Wall Street Capital is an independent global investment firm focused on principal investment, syndication, Investment Banking and Merchant Banking. Founded by Glenn Myles over 25 years ago, First Wall Street has become a well known resource for project finance and development. For more information, please visit: http://www.firstwallst.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.