VuMee Inc. and Coventry Capital Enter Into $2 million Credit Facility
POMPANO BEACH, Fla., Dec. 4, 2012 /PRNewswire/ -- VuMee Inc. (OTCBB: VUME) is pleased to announce that the company has entered into a $2 Million credit facility with Coventry Capital LLC. This funding will be utilized to help build VuMee's sales efforts, marketing strategy, celebrity development, mobile and desktop development as well as its social following. VuMee continues to invest in and enhance its website VuMee.com, mobile apps, celebrity development and user experience while continuing to grow viewership.
Michael Spiegel CEO of VuMee stated "We are extremely pleased that we have secured additional funding for our continued growth. This funding will allow us to expand our business development efforts and invest more resources into our mobile and desktop video platforms."
Mobile continues to be a sweet spot for digital advertising according to a report issued by the Interactive Advertising Bureau on October 1, 2012. For the first half of 2012, revenue in the category increased 95 percent to $1.2 billion, nearly eclipsing total mobile advertising revenue for the entire year of 2011 at $1.6 billion.
Digital advertising revenue across the board for the year through June totaled $17 billion, a 14 percent increase from $14.9 billion in 2011, the bureau reported. VuMee's technology puts it at the forefront of this emerging market and with the additional funding it will continue to make the necessary enhancements to be the leader in the mobile video sharing arena.
VuMee is a digital mobile advertising platform designed to provide high profile individuals and brands the ability to connect with fans and consumers via engaging and entertaining video content. VuMee utilizes user-friendly push technology to help connect companies, brands and celebrities to targeted consumer segments. It acts as a unique platform to hear from consumers, build visual relationships and connect users with their favorite celebrities and brands through both mobile and PC platforms.
Forward-Looking Statements. Certain of the above statements contained in this press release, such as VuMee's ability to grow viewership, expand business development efforts, and invest more resources in its mobile and desktop video platforms, contain 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. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks and uncertainties, including but not limited to, risks associated with the company's future growth and operating results, the uncertainty of market acceptance of the company's business plan, competitive factors and general economic conditions. VuMee has no duty and undertakes no obligation to update such statements.
CONTACT: Ryan Richeal, Phone: +1-954-482-4755 ext. 110
SOURCE VuMee Inc.