Myriad Interactive Media Announces Strategic Investment In Cutting Edge Start-up
TORONTO and LAS VEGAS, Jan. 31, 2013 /PRNewswire/ -- Myriad Interactive Media (OTCQB: MYRY), (BERC: XNG) is pleased to announce that it has entered into a strategic investment with a Real Estate Company "The Company" whereby Myriad will earn a 10% interest in this emerging web-based publisher, with an option to purchase an additional interest.
The equity stake and option will be earned in exchange for services performed by Myriad.
The Company is in the final stages of developing an online property that specializes in the auctioning of real estate services, earning subscription and ancillary revenues from real estate professionals. The company is well-funded and has secured marketing agreements with several of Canada's largest media companies to attract attention to its innovative real estate services platform.
"This is a unique opportunity for Myriad," said CEO Derek Ivany . "Real estate services generate approximately $50 billion in commissions annually in North America, an estimated 25% of which is reinvested in the acquisition of new business. Those are the revenues this exciting start-up is targeting. A 10% share of that pie would translate into hundreds of millions of high-margin revenue, and we stand to benefit from our decision to take equity rather than fees."
"We are very pleased to have Myriad as a partner," said Rachel Zou , VP of Business Development of the Real Estate Company. "We put our design, programming and SEO work up for tender last year and chose Myriad based on a competitive and comprehensive bid. The contract value was approximately $275,000, but when Myriad offered to provide the service in exchange for an equity interest we saw an opportunity to work with a partner who truly understood and believed in our value proposition. As we put the finishing touches on the development, we couldn't be happier."
About Myriad Interactive Media, Inc.
Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops customized marketing plans, social media marketing campaigns, pay per click, and search engine marketing. Our company also develops in house web & mobile applications.
Myriad Interactive Media Inc. is a public company quoted on the OTCQB under the symbol MYRY. For more information, please visit us at www.myriadim.com
In addition to historical information, this press release may contain forward-looking statements that reflect the Company's current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
Myriad Interactive Media Inc.
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Source: Myriad Interactive Media Inc.
SOURCE Myriad Interactive Media, Inc.
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