UA Multimedia Appoints Michael Lajtay as Interim Chief Executive
Officer and
Provides Corporate Update
Company to Form Subsidiary to Focus
on Blockchain and Crypto
Technologies
Irvine, CA
-- March 27, 2018 -- InvestorsHub NewsWire
-- UA Multimedia, Inc.
(OTC: UAMM),
a
solution provider of cannabis ancillary products
and services with an emphasis on technology, today announces
changes in management and update of business
development.
The
board of directors has accepted Lou Klein's resignation and
concurrently appointed Michael Lajtay as the Company's
President and interim Chief Executive Officer. The
transition will take
effect on March
30, 2018.
Mr.
Lajtay is currently a
consultant for SupraAlgae,
Inc., a manufacturer of unique soil conditioners targeted at the
cannabis market. He is also involved with cryptocurrencies in
various capacities since 2014. He has served as a cryptocurrency
consultant,
trainer
and speaker as well as participated in numerous initial coin
offerings (ICOs) and has helped launch several sophisticated mining
operations. Mr. Lajtay
also has
extensive business experience in the area of consumer products and
automotive. Mr.
Lajtay
holds
a B.A. in
Economics from Claremont McKenna College.
The
growth of the advertising portal MJ Circle has been solid and
continues to escalate. The platform
currently has several thousand active accounts, and the number of
visitors has been increasing on a steady basis. The Company has
booked modest revenues last quarter as well
as this quarter from premium services
and plans to increase its marketing effort once certain
regulatory,
technical
issues and enhancements
for the
site have been
addressed.
To err
on the side of caution, management had deliberately put the
development and launch of CannaMedi.com on hold since the beginning
of January when Jeff Session rescinded of the Cole Memo. Due to
the recent
positive
development in the cannabis industry, management had
resumed
the preparation for the site launch, which is scheduled
to take place sometime
in
the next
quarter.
The
Company is experimenting with expanding the scope of MJ Circle to
include additional industry
community
activities such as discussion forums, media
channels,
professional and
personal networking, online
shopping as well as dating
services. The Company is also considering integrating the
Cannaxa
and
CannaMedi
sites
and
features into the MJ Circle ecosystem.
Management believes
that with a robust ecosystem
that consists of a wide range of services and users,
it is beneficial to have
a
dedicated crypto token.
Management continues
to
explore the viability of
issuing the Company's own ERC20
tokens that can be
traded on the
Ethereum
blockchain.
As a
new initiative, UA Multimedia will form a wholly owned subsidiary
to focus primarily on blockchain
and
crypto
technologies.
The division will provide consulting
services with emphasis on cryptocurrencies,
blockchain,
and
ICO, relating to the
cannabis industry as well as other sectors.
The
future path for the new subsidiary is potentially
a separate
publicly
listed
company, token based
ICO or asset-based ICO. Pending
successful execution, UA's current shareholders will have the
benefit of owning a publicly traded subsidiary or
an entity with tokens traded on
various cryptocurrency exchanges.
The
Company is currently working on a
few expansion
proof-of-concepts and
will update all shareholders as material progress is
made.
"UA
Multimedia is well positioned in the area of cannabis ancillary
products and services. With its pending
expansion
plan and incorporation of blockchain
and
cryptocurrency, the potential for growth is tremendous. I am
excited to be part of the organization and looking forward to work
with the team to take the company to the next level," commented
Michael Lajtay,
President and interim CEO.
About
UA Multimedia, Inc.
UA
Multimedia, Inc. is a solution provider
of cannabis ancillary products and services with an emphasis on
technology. The Company currently
own and maintains MJCircle.com, a classified ads portal and
Cannaxa.com, a service finder portal.
Company
website: http://www.uammedia.com
Cannabis
classified ads
website:
http://www.mjcircle.com
Cannabis service
finder website: http://www.cannaxa.com
Facebook:
https://www.facebook.com/uammedia, https://www.facebook.com/mjcircleads,
https://www.facebook.com/cannaxa, https://www.facebook.com/cannamedi
Twitter:
https://twitter.com/MJCircleAds, https://twitter.com/cannaxa
Forward Looking
Statements:
This
release contains forward-looking statements within the meaning of
Section 27a of the Securities Act of 1933, as amended and section
21e of the Securities and Exchange Act of 1934, as amended. Those
statements include the intent, belief or current expectations of
the company and its management team. Some or all of the events or
results anticipated by these forward-looking statements may not
occur. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those projected in the forward-looking
statements as a result of various factors. Accomplishing the
strategy described herein is significantly dependent upon numerous
factors, many that are not in management's control. UA Multimedia,
Inc. does not undertake any duty nor does it intend to update the
results of these forward-looking statements.
Contact
UA
Multimedia, Inc.
Investor
Relations
949.612.1927
info@uammedia.com