Mimvi Inc. signs a non-binding letter of intent to acquire social innovator Smash Networks
SUNNYVALE, Calif., May 23, 2012 /PRNewswire/ -- Mimvi Inc. (OTCBB: MIMV) and Lone Wolf Inc., founders of Smash Networks, are creating what the team calls a "Super Platform" designed to combine consumer data driven app development (web and mobile), marketing, lead generation and cultivation, content creation, publishing and syndication under one roof. (" Lone Wolf "), announced today that they have signed a non-binding letter of intent for Mimvi to acquire Lone Wolf , including Smash Networks. In addition, a principal of Lone Wolf will hold a seat on Mimvi's Board of Directors following closing. In addition, at closing, Eric Rice , Chief Executive Officer for Lone Wolf will join Mimvi as an executive officer of Mimvi.
"We are very excited that Lone Wolf and Smash will become a part of our business," said Michael Poutre , CEO of Mimvi. "Acquiring Lone Wolfe and Smash will enable us to generate additional revenue, attract more customers, increase our market share and develop more attractive apps with a built in distribution model. Utilizing the new "Super Platform" Mimvi will become the first mobile developer with the ability to control its own proprietary mobile and web platforms, content creation teams, social media distribution, advertising platforms and social environments. The platform will allow us to capture social data, using real time consumer feedback that allows our developers to identify the needs of the consumer, as well as how the consumer wants to be communicated with."
"Understanding what people need, and how to deliver content to them in a manner that is dignified, respectful, and most importantly – of value to the consumer, is the new paradigm of advertising. Advertisers are tired of wasting money on web ads placed in irrelevant areas, and consumers are tired of annoying ads that get in the way of their online or mobile experience. We are creating the new standard for how companies communicate with consumers, and we could not be more thrilled about our future," said Poutre.
"Mimvi is a great partner and this merger reflects our desire to collaborate with companies that share our vision of providing complete technological solutions to the world through web and mobile platforms," said Eric Rice , CEO, Smash Networks. Smash is known for its creation of a large open source social media audience and visionary video marketing techniques including its celebrity driven "how-to" series.
Mimvi and Lone Wolf expect definitive agreements to be executed during the second quarter, and closing to occur during the second half of 2012. The acquisition is subject to the parties executing a definitive agreement, applicable regulatory approval, and other customary conditions, including the approval of Mimvi's and Lone Wolfe 's Board of Directors and shareholders.
Headquartered in Sunnyvale, California, MIMVI, Inc. (OTCBB: MIMV) is a pure-play search and recommendation technology company. Its proprietary search and "intelligent" recommendation algorithms enable the discovery of Mobile Apps, Mobile Content and Mobile Products across multiple devices and platforms, including: Apple's iPhone, Google Android, BlackBerry, Windows, Samsung and Web Apps. A service for iPad consumers is in the pipeline. For more information, please visit: http://www.mimvi.com
Founded in 2010 as Lone Wolf Inc., SMash Networks has created a large open source audience known for its cutting edge approach to social and neuro-marketing techniques which include a new series of infotainment based social communities which leverage the power of video content, celebrity draw, entertainment and education to bridge the gap between consumers, advertisers and brand value. The company's mission is to change the face of modern advertising by protecting consumers from unwanted techniques while allowing major brands a new way of reaching highly targeted consumers. Smash has been nominated for numerous awards for its innovation in marketing. For more information about Smash, visit its website at http://www.SmashNetworks.com
Safe Harbor Statement
This news release contains forward-looking statements that are subject to risks and uncertainties, including the possibility of not reaching a binding agreement with Lone Wolf , information regarding the timing of the closing of the proposed acquisition, the combined company's future revenues, earnings and profitability; and the future demand for the combined company's products and services. These forward-looking statements involve risks and uncertainties that could cause Mimvi's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the demand for current and new products, technologies, and services, the risk that we are not able to realize the revenue growth expected from the combined company, and other risks detailed in Mimvi's filings with the Securities and Exchange Commission. Forward-looking statements are based on the beliefs and assumptions of Mimvi's management and on currently available information. Mimvi undertakes no responsibility to publicly update or revise any forward-looking statement.
The WSR Group
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SOURCE Mimvi, Inc.
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