CAMPBELL, CA--(NewMediaWire - Aug 3, 2017)
- Friendable, Inc. (OTC PINK: FDBL), a mobile
and social focused technology company, today announced its most
recent developments following the Company's initial beta testing of
its Fan Pass mobile app. Fan Pass is the Company's latest mobile
app, developed to provide live streaming video so that fans can
watch exclusive back-stage and uncensored video content of their
favorite celebrity or performing artist. The Company launched its
first mobile app in late 2013 as a location based dating app that
eventually found its niche as a social networking app now known as
"After several months of corporate development and investment
negotiations, we are pleased to announce that the Company has
created a dynamic path forward for both the Friendable and the new
Fan Pass application, with a recently negotiated funding for
working capital," stated Friendable CEO, Robert A. Rositano
"Fan Pass was originally slated and on target for a February
2017 release. However, continued development delays from the
Company's partner Hang W/, along with other factors disclosed in
the Friendable's 10k filing earlier this year, pushed back the
release, and management determined that Friendable's strategic
marketing and development relationship with our partner had fallen
significantly short of the Company's expectations. As a
result, Friendable has moved forward with what management believes
to be the right path for the Company and its two apps. which
includes the recent formation of Fan Pass, Inc."
"Friendable intends to immediately dividend shares to all
Friendable stock holders of record and prepare a registration
statement for Fan Pass, Inc. to commence trading on the OTC
exchange in the coming months. Additionally, the Company is taking
delivery and full ownership of the existing technology and work
product completed to date. Following this delivery, the Fan
Pass application development will proceed forward utilizing
Friendable's resources, rather than those of our previous
"The Company has been quiet in recent months due to the
confidential nature of the negotiations with our funding partners,
as well as the issues surrounding our partner relationship. I
would like to send my sincere apologies to our shareholders that
had requested information on the status of both Fan Pass and
Friendable over the previous months, as we were simply advised to
stay quiet until an agreement was reached. We have been
through several rounds of negotiations to achieve this short-term
financing that allows Friendable to pursue our strategy for
diversification and are pleased to announce its completion,"
continued Rositano Jr., CEO.
"This said, Friendable, Inc. is pleased to announce that the
Company has recently entered into a Securities Purchase Agreement
with Alpha Capital to provide short term working capital to assist
the Company in achieving its next milestone and Fan Pass
spin-off. One of our first orders of business will include the
issuance of Fan Pass, Inc. shares to be provided to all Friendable
shareholders of record as a distribution, dividend or other method
best suited for this transfer."
"This is only the first of many steps that we believe can lead
to the evolution of Friendable, creating a secondary opportunity
that could become management's main driver in creating future value
for the Company and our shareholders and thank all of our
supporters for continuing to believe in management's ability to
find solutions in a technology marketplace that is rapidly
iterating," concluded Rositano, Jr.
About Friendable (www.friendable.com)
Friendable, Inc. is a mobile technology company that develops,
acquires, and invests in mobile applications with a social focus.
In 2013, the Company released its flagship product Friendable, a
mobile social application where users can create one-on-one or
group-style meetups for food, drinks, live music, or any occasion.
In 2017, Friendable, Inc. plans to release "Fan Pass", a live
streaming video application where fans can watch exclusive video
content of their favorite celebrities by subscribing to celebrity
channels. Through the Friendable and Fan Pass mobile applications,
Friendable Inc. aims to become the premier social platform
dedicated to connecting and engaging users to expand connections
beyond today's existing limitations.
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Cautionary Language Concerning Forward-Looking
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.