NEW YORK, Jan. 31, 2013 /PRNewswire/ -- InternetArray, Inc., (OTCPink: INAR), today announced that it has entered into a joint venture/collaboration arrangement with Health Sciences Group (OTCPink: HESG) to develop Social Media/Mobile Apps for the Medical Marijuana industry. These new specialized apps will enable prescribed patients much needed information to make a better decision on whether or not cannabis is an appropriate treatment option, and access to local resources. Together, both companies have set up a new offshore software development facility in Ho Chi Minh City, Vietnam, providing hardware/software leasing arrangements and deploying high level account executives and project managers to oversee the entire projects operation from start to finish. Concurrently, InternetArray will provide marketing, finance, accounting and administrative support.
Management believes mobile apps developers from Vietnam and China have been playing a dominant role in designing and developing some of the world's finest mobile applications. With many social media sites coming out on a regular basis, mobile apps programming will lend itself as a must-have and complementary tool to attract its visitors and retain logins and memberships.
Additionally, InternetArray, Inc., announced in December that it had eliminated nearly $2 million in long-term debt and accrued expenses. The Company is committed to providing shareholders' value and this restructuring is underway because management believes our common stock is extremely undervalued at these levels, and wants to instill shareholders' confidence by collaborating and investing in promising start-ups with exponential growth potential.
"We are very pleased to launch this joint venture with InternetArray. Our development team is very excited about our new, unique technology for the Social Media Networking market in the medical marijuana space. We plan aggressive marketing campaign upon launch, and to be competitive with other healthcare-related major social media networks. Our association with InternetArray will certainly amplify our launch," comments Nhue "Nick" Le, CEO of Health Sciences Group Inc.
About InternetArray, Inc. (www.internetarray.com)
InternetArray, Inc. provides guidance and investment for innovative, early stage Internet companies. The Company's mission is to identify and develop collaborative business partners into viable and profitable companies.
About Health Sciences Group, Inc. (www.HESciencesgroup.com)
Health Sciences Group, Inc. is an investment technology portfolio company that acquires nascent health sciences technology and related innovations, inventions and IP assets to enhance their growth and development. The company builds revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and technology licensing or distribution agreements.
This press release may contain certain statements that are not descriptions of historical information, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements refer to matters that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.
SOURCE InternetArray, Inc.