NEW
YORK, June 20, 2024 /CNW/ - MiMedia
Holdings Ltd. (TSXV: MIM) ("MiMedia", "Company")
is pleased to announce a signed global Distribution Agreement (the
"Agreement") with Schok, LLC ("Schok").
Founded in 2018 and headquartered in Frisco, Texas, Schok is a pioneer in the
smartphone industry with a mission to redefine the market for
entry-level smartphones. Schok aims to bridge the gap between
affordability and functionality with smartphones that feature
cutting-edge technology typically reserved for higher-priced
devices but now accessible to a broader audience. Their
smartphones are designed to offer exceptional quality, modern
design, state-of-the-art software and robust performance
capabilities at competitive prices, providing consumers with
high-quality alternatives to the more costly options currently
available.
MiMedia is a next generation consumer cloud platform that
partners with smartphone makers and telecom carriers globally to
provide their consumers with a unique personal cloud experience
that enables all types of personal media to be secured in the
cloud, accessed seamlessly, across all devices and operating
systems and at any time.
As part of the multi-year Agreement, MiMedia will integrate its
platform directly onto 5 million mobile devices over the next 24
months, including smartphones and tablets. MiMedia's consumer
cloud platform will provide Shock with a churn-reducing product,
deliver immediate market differentiation and enable multiple
high-margin and recurring revenue streams.
"Shock is excited to partner with MiMedia and deliver its
unique, best-in-class consumer cloud value proposition to our
consumers. MiMedia fits right into our strategy of providing
exceptional software, important and high value propositions and
high-quality smartphones at a great price. We love what
MiMedia has built, and we believe our consumers will also love it",
said Sam Gutiérrez, CEO of Schok.
"We are thrilled to partner with Schok, a proven provider of
high-quality smartphones for the US market and look forward to
launching with them in the US. This agreement marks our first
entry into the US market, which offers the most attractive and
scalable business model dynamics than any other market in the
world. We believe this partnership will result in attractive
revenue and cash flow opportunities for both companies. With
this new partnership, MiMedia adds to its total contracted devices
to deploy in the next 24 months - now standing at 35M. We expect solid and growing device
deployments in the 2H of this year, which is the busy season for
smartphone volume in any calendar year. These device
deployments will bring scaling revenue and cash flow", said
Chris Giordano, CEO of MiMedia.
About Schok LLC: Schok, LLC is dedicated
to creating innovative, high-quality smartphones that are
accessible to everyone. By combining advanced technology with
competitive pricing, Schok is set to redefine the standards of the
smartphone industry.
About MiMedia: MiMedia Holdings Inc provides a
next-generation consumer cloud platform that enables all types of
personal media to be secured in the cloud, accessed seamlessly at
any time, across all devices and on all operating systems. The
company's platform differentiates with its rich media experience,
robust organization tools, private sharing capabilities and
features that drive content re-engagement. MiMedia partners with
smartphone makers and telecom carriers globally and provides its
partners with recurring revenue streams, improved customer
retention and market differentiation. The platform services
millions of engaged users around the world.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding MiMedia,
and their respective businesses, which may include, but is not
limited to, statements with respect to the completion of a
Transaction, appointment or any other decision made by the
business. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "is expected",
"expects", "scheduled", "intends", "contemplates", "anticipates",
"believes", "proposes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Such statements are based on
the current expectations of the management of MiMedia. The
for-ward-looking events and circumstances discussed in this
release, may not occur by certain specified dates or at all and
could differ materially as a result of known and unknown risk
factors and uncertainties affecting the companies, including risks
regarding the MiMedia industry, failure to obtain regulatory or
shareholder approvals, economic factors, the equity markets
generally and risks associated with growth and competition.
Although MiMedia have attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. No forward-looking
statement can be guaranteed. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and MiMedia undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
SOURCE MiMedia