Myriad Interactive Media Signs Letter of Intent to Acquire Social Media Technology
TORONTO and LAS VEGAS, Sept. 6, 2012 /PRNewswire/ -- Myriad Interactive Media, Inc. (OTCQB: MYRY) CEO Derek Ivany is pleased to announce the Company has signed a letter of intent with a technology firm based in Toronto, Canada.
"We are excited to announce that we've signed a letter of intent to acquire a unique social media application that combines popular social media networks like Facebook, Twitter, Google+ and YouTube into one place. This will allow for seamless integration and ease of use for corporate clients looking for both, an all-in-one solution for social media management, and a unique search engine optimization tool equipped with sophisticated analytics."
The application was developed just over a year ago, and it is comparable to other popular social media platforms like HootSuite, Vitrue, Buddy Media & Radian6.
Myriad's CEO who continues to grow his global interactive media and development company with cutting edge technologies says, "Over the last year, social media management applications have been making a lot of news. In just the last year, Oracle has acquired Vitrue for $300-million, and Salesforce has acquired Buddy Media for $643-million and Radian6 for $326-million."
Ivany says, "Hootsuite is a comparable company, and has a similar technology to what we're acquiring." Ryan Holmes, CEO at Hootsuite, stated in Canada's Financial Post, that his company has received four serious buyout offers over the last year… and he turned them all down. Hootsuite has a current valuation upwards of $500-million, and is moving aggressively to reach $1-billion.
This is music to the Myriad CEO who says, "This further solidifies the seriousness of these applications and the strong need for efficient social media management and analysis tools."
Myriad hopes to close the acquisition within the next few weeks. Ivany says, "We have been working very hard to close this deal. Historically we've provided development expertise, and we absolutely love the technology and what it has become.
This deal makes sense and the finished product paved the way for us to make a friendly deal with the start-up technology firm. While many new technology start-ups dream of going public, it makes more sense for a growing company like Myriad to leverage its public listing with a smaller start-up looking for rapid growth."
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.
SOURCE Myriad Interactive Media, Inc.