NEW YORK, Aug. 26,
2024 /CNW/ - MiMedia Holdings
Inc. (TSXV: MIM) (OTCQB: MIMDF) (FSE: KH3)
("MiMedia" or the "Company") is pleased to
announce several important and exciting updates for the
Company.
First, only two months since signing its partnership with
US-based device manufacturer Schok Wireless, MiMedia is pleased to
announce the launch and integration of the MiMedia platform on the
first set of Schok smartphones in the US. In this initial
launch, MiMedia integrated its platform via an "Over the Air" or
"OTA" software update, again demonstrating this capability's
benefit of integrating MiMedia faster onto existing smartphones
that reside currently in consumer hands. Going forward,
MiMedia expects to integrate onto new Schok smartphones coming to
market (as part of the new phone manufacturing process) as well as
existing Schok smartphones already in the field today via the OTA
method.
"I am proud of our team's ability to integrate with a new
partner so quickly and seamlessly to get to market. We are,
of course, excited to launch in the US for the first time with
Schok. The US market, as a Tier 1 mobile advertising market,
brings to our business model 7x+ higher advertising CPMs vs. other
regions that we target. We are looking forward to new
launches on new devices with Schok and increasing device volume in
the near term, as we head into the busy season for smartphones in
Q4", said Chris Giordano, MiMedia's
CEO.
Second, the Company successfully started trading on August 1st in the US on the OTCQB
Venture Markets exchange under the symbol "MIMDF". The
Company's common shares will continue to trade on the TSX Venture
Exchange under the symbol "MIM" and on the Frankfurt exchange under the symbol
"KH3".
The OTCQB, operated by OTC Markets Group, Inc., is a market
designed for developing and entrepreneurial companies in
the United States and
abroad. Chris Giordano, CEO of
MiMedia Holdings Inc., commented: "We are excited to be listed in
the US on the OTCQB and look forward to attracting new public
market investors in the US."
Finally, the Company has closed a loan investment with an arm's
length corporation, existing under the laws of the Province of
Ontario (the "Lender"), pursuant
to which MiMedia has borrowed a principal amount of CAD
$1,000,000 (the "Loan"). The
Loan is evidenced by a promissory note dated as of August 21, 2024.
The Loan has a term of 18 months, is unsecured and bears
interest at a rate of 15% per annum. Interest is payable
annually and on maturity in arrears. At the option of the
Lender, but subject to the prior approval of the TSX Venture
Exchange (the "Exchange"), the Lender may elect to receive payment
of accrued interest under the Loan in subordinate voting shares of
the Company, at the then current market price of the subordinate
voting shares on the Exchange.
The Loan may not be prepaid, except with the consent of the
Lender, and is subject to standard events of default. The
proceeds of the Loan will be used by MiMedia for general corporate
purposes.
Chris Giordano, CEO of MiMedia
Holdings Inc., commented: "We will always consider being
opportunistic to grow faster. The promissory note will allow
MiMedia to leverage off the Schok deployment with our other
partners in other regions of the world and increase our business
development efforts."
In connection with the Loan, MiMedia has issued to the Lender an
aggregate of 4,000,000 share purchase warrants (the
"Warrants"). Each Warrant is exercisable to acquire one
subordinate voting share of the Company at a price of $0.25 for a period of 18
months from issuance.
All securities issued pursuant to this transaction are subject
to a statutory four month hold period from their date of
issuance.
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:
Certain statements in this press release constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will"
occur. Forward-looking statements in this press release
include statements regarding: the use of proceeds of the Loan, the
potential payment of the Loan in shares and the maturity of the
Loan. Such forward-looking statements are based on the
current expectations of management of MiMedia. Actual events
and conditions could differ materially from those expressed or
implied in this press release as a result of known and unknown risk
factors and uncertainties affecting MiMedia, including risks
regarding the industry in which MiMedia operates, economic factors,
the equity markets generally and risks associated with growth and
competition. Additional risk factors are also set forth in
the Company's management's discussion and analysis and other
filings available via the System for Electronic Document Analysis
and Retrieval+ (SEDAR+) under the MiMedia's profile at
www.sedarplus.ca. Although MiMedia has attempted to identify
certain 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 taken as
guaranteed. The forward-looking information contained in this
press release is made as of the date hereof and the Company is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of
the risks, uncertainties and assumptions contained herein, readers
should not place any undue reliance on forward looking
information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE MiMedia