The merger, with Los Angeles-based Lone Wolf, Inc., is expected to elevate MIMVI's strategic and technological leadership in the Mobile App Discovery market. "We believe that the combination of Lone Wolf and its Smash Networks product with our contextual search and recommendation technology will provide Mobile App developers a complete marketing and distribution solution and will help developers deliver a compelling proposition to millions of people on a daily basis—eliminating their reliance on app stores and other search sites for Mobile App discovery," said Michael Poutre, CEO of MIMVI, Inc. Mr. Poutre continued: "We believe the combined company will result in greater marketing efficiencies for developers, provide a better user experience and significantly increase our market share within the sector."
Eric Rice, President of Lone Wolf, commented, "A merger with MIMVI makes sense for many reasons. The merger will leverage the strengths of both companies to provide a real solution to Mobile App developers -- a group of stakeholders that have so far suffered from a lack of real marketing opportunities."
The combined entity will jointly develop Mimvi Echo, a new Mobile App Discovery service, scheduled for launch in October, designed to completely change how Mobile Apps are marketed, with the goal of making the process affordable and effective for the growing community of developers. "We believe that Mimvi Echo is going to change the way people think about how Mobile Apps are marketed," added Poutre. "Our beta tests have yielded strong results, and we are eager to share this vision with the Mobile App development community."
MIMVI expects to leverage Lone Wolf's social media reach and community to provide mobile users with targeted marketing campaigns, creating a win for developers and consumers alike. Michael Poutre provided a glimpse into what this alliance could mean for the future of mobile: "MIMVI and Lone Wolf are in the process of launching what we will call a SuperPlatform. We anticipate this will revolutionize the digital, mobile and media industries."
Under the terms of the agreement Mimvi will purchase all outstanding shares of Lone Wolf for 3.8 million shares of common stock.
Mimvi expects to record charges for cash and non-cash acquisition-
On a GAAP basis, inclusive of purchase related costs, Mimvi expects this acquisition to be dilutive in 2012. Due to the timing of this transaction, Mimvi anticipates recognizing a portion of acquisition-
For more information about MIMVI, please refer to the Company's website (www.mimvi.com)
Headquartered in Sunnyvale, California, MIMVI, Inc. (MIMV) is a pure-play search and recommendation technology company. Its proprietary search and "intelligent"
Safe Harbor Statement
This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. MIMVI has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates,"
Mimvi's current beliefs and are based on information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause Mimvi's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. MIMVI undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements.
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