CAMPBELL, CA--(NewMediaWire - Oct 13, 2016) - Friendable, Inc.
(the "Company") (OTC PINK: FDBL), today announced that it has received an
investment commitment in the amount of $1.615 million and in
connection with this commitment, the Company has completed the
acquisition of live streaming video technology from Hang With,
Inc.
Under the terms of its agreement with Hang W/, Friendable will
receive a royalty free, perpetual license to integrate and utilize
the Hang W/ live streaming video technology within the existing
Friendable app or outside the current app as a next generation
product for specialized broadcast events.
Additionally, Friendable gains access to 8 million users who
have signed up to utilize Hang W/'s live streaming video technology
to attempt to convert them to Friendable users through cross
marketing and promotion. The Company also believes access to these
Hang W/ users will dramatically reduce its user acquisition
cost.
Friendable expects that this new technology will allow the
Company to extend its brand and begin to uniquely monetize the
Friendable app.
These initiatives will require the development teams of both
Friendable and Hang W/ to work together with an expectation of
completing the roll out of this new technology under the Friendable
brand by the end of the year.
More details will be announced in the coming days.
"Our team is fully committed to taking Friendable to the next
level," stated Friendable CEO, Robert A. Rositano Jr. Friendable
Inc. CEO "With the additional investment commitment the company was
able to complete its acquisition of the hang W/ technology
providing us with the opportunity to move into a new aspect of our
business. We are extremely excited for this next generation of the
Friendable app for its user growth potential and
monetization."
"We believe the Hang W/ technology will create a differentiated
offering for our brand in the Live Video Streaming marketplace and
allow the Company to capitalize on our many relationships in
various celebrity circles," concluded Rositano Jr.
About Friendable:
Friendable, Inc. is the mobile-social network focused on the
future, rather than sharing the past. It is all about having
location specific and nearby opportunities to connect with others.
The Friendable brand represents a "friends first" approach and
takes all the pressure off its users, making it simple to create
new connections, create meet up style events, or simply tell others
what you are "Friendable" for. Based upon shared interests and
locations, users can engage with what makes sense for them.
Increased user interactions will allow Friendable to offer
advertising and sponsorship opportunities to local
venues/businesses and begin to generate revenue by providing these
venues with location specific opportunities to reach potential
customers when it matters most. As of September 2016, Friendable
has exceeded 1 million total downloads since the Company's
inception and launch of the app in June 2013 under its previous
brand name.
For more information about Friendable, Inc. please
visit: www.Friendable.com
For Additional Investor Information and to Receive Company
Updates: http://www.friendable.com/fdbloptin
Visit our social media properties at: Facebook: http://facebook.com/friendable
Twitter: https://twitter.com/friendableapp
Instagram: https://www.instagram.com/friendableapp/
Cautionary Language Concerning Forward-Looking
Statements: This press release contains
forward-looking statements. The words or phrases "would be," "will
allow," "intends to," "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," or
similar expressions are intended to identify "forward-looking
statements." Actual results could differ materially from those
projected by Friendable, Inc. The iTunes rankings should not be
construed as an indication in any way whatsoever of the future
value of the Friendable's common stock or its present or future
financial condition. The public filings of Friendable, Inc. made
with the Securities and Exchange Commission may be accessed at the
SEC's Edgar system at www.sec.gov. Statements made herein are as of
the date of this press release and should not be relied upon as of
any subsequent date. Friendable, Inc. cautions readers not to place
reliance on such statements. Unless otherwise required by
applicable law, Friendable, Inc. does not undertake, and
Friendable, Inc. specifically disclaims any obligation, to update
any forward-looking statements to reflect occurrences,
developments, unanticipated events or circumstances after the date
of such statement.