LAS VEGAS, Aug. 21, 2013 /PRNewswire/ -- Mindpix Corporation (OTC: MPIX; "Mindpix" or the "Company"), a technology driven multi-platform media company focused on owning, creating and/or managing multi-media entertainment and sports properties across the globe, today issued an update to shareholders from the Company's Chief Executive Officer and President, Victor Siegel. The letter is included in its entirety below:
First, thank you for your continued support of Mindpix. More than halfway into the third quarter, I thought it was a good time to review what we've accomplished since I've assumed the role as President and CEO back in April 2013, as well as where we are headed moving forward.
As an incoming CEO, my foremost and initial mission was to properly position MPIX financially and operationally for growth in the public market, which included getting us on an accelerated path towards becoming a fully reporting issuer with the SEC. In order to get there, we needed to bring our financials current and return shares to the treasury which would then allow us the ability to maximize our financial flexibility and fuel future growth plans.
On the house-keeping side, we retained the CPA firm, Salberg & Co. to audit the Company's financials, a regulatory requirement to become fully reporting. We expect to complete the audit in the fourth quarter of 2013.
Our outstanding share count continues to be reduced. Since August 1, 2013, we successfully returned 175 million of shares to the treasury. Currently, we stand at approximately 1.15 billion shares outstanding, which includes 100 million shares returned from our former CEO and 75 million shares that were recently returned following the termination of our agreement with eMax Media. We will continue to make every effort to recover additional shares as we review the Company's past issuances.
The initiatives discussed above have been carried out by our team in a timely manner while developing our comprehensive growth strategy designed to foster expansion both domestically and internationally. We are now executing on our strategy and continuing to work towards positioning the Company for growth now and moving forward.
MPIX has the opportunity to build a leadership position as a go to resource for the creation, management and distribution of various entertainment, music and sporting events around the globe.
We are rapidly developing a unique technology and entertainment ecosystem. With it, Mindpix intends to seamlessly meld state of the art on-line video technology capabilities, with unique payment and on-line monetization services, and digital marketing expertise to drive audience viewership, sponsorship services, as well as global content development, production and third party acquisition capabilities.
Our 360-degree strategic approach allows us to fully control and monetize all steps of the creation – management – distribution process. We plan to implement this approach for all content we own, create or manage, for a fee paid by third party partners. While our platform will remain agnostic, our strategy will focus on live streaming, video on demand (VOD), mobile devices and tablets, as well as related ancillary revenues.
Core to this strategy is concentrating efforts on online media distribution and monetization. It is our goal to take full advantage of the notable shift from traditional media and television to online video. We are specifically looking to capitalize on the fast growing, young adult audience, both in the U.S. and globally, fueling this shift. Informa, a leading market research firm, estimates that the global online video market will be worth $37 billion in 2017, with the global audience expected to grow to 1.5 billion by 2016. (https://commerce.informatm.com/reports/ott-video-revenue-forecasts.html)
We are aggressively refining our business development strategies to partner with best in breed providers to take full advantage of this huge online media market opportunity. Either directly through Mindpix or through our partners, we are currently working on a number of high profile projects and events around the globe.
These projects range from working with major music artists in the U.S. for VOD and/or live events broadcasts, as well as entering into a unique partnership with a large global casino operator in China to service a full range of their media, video and IT needs. The China opportunity highlights our emerging technology capabilities, and will help to diversify our revenue stream into high margin video based technology services.
In closing, I'm excited about progress we have made so far in this very short period of time. Now that we have completed the necessary restructuring work, our efforts are quickly shifting to business and revenue development. Given our significant market potential and unique technological capabilities, I am excited about the road ahead. I look forward to continuing to share in our successes now and in the future.
- Victor Siegel, Chief Executive Officer and President
About Mindpix Corporation
Mindpix Corporation (OTC Pink: MPIX) is a technology driven multi-platform media company that focuses on owning, creating and or managing multi-media entertainment and sports properties across the globe. Through a unique eco-system, MPIX provides the critical on-live video technology, production, digital marketing and audience development, payment services, sponsor acquisition, digital and traditional media distribution services to drive revenue for live and VOD (video on demand) events globally.
MPIX disclosure and financial information is published on OTC Markets and can be found at the following site: http://www.otcmarkets.com/stock/MPIX/filings/
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE Mindpix Corporation