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
Forward-Looking Statements
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.
Contacts:
Myriad Interactive Media Inc.
http://www.myriadim.com
Investor Relations: 1-800-427-1103
info@myriadim.com
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Source: Myriad Interactive Media Inc.
SOURCE Myriad Interactive Media, Inc.