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Bitzio, Inc. CEO Updates Shareholders on Company's Progress(December 13, 2011)
SAN DIEGO, CALIFORNIA -- (Marketwire) -- 12/13/11 -- Gordon McDougall, CEO of Bitzio, Inc. (OTCBB:BTZO), updated shareholders today on the Company's progress during its year ending December 31, 2011 and new developments for their upcoming fiscal year.
"The Company has been very active over the past year and we are extremely pleased with the results," McDougall said. "Our strategy sessions and tactical planning in the first and second quarter placed Bitzio in a strong position to execute its growth plans efficiently. From the second quarter onwards, the Company achieved significant corporate milestones and we anticipate a substantial increase in revenues for our fourth quarter ending December 31, 2011."
In keeping with Bitzio's stated strategy of accelerated growth through accretive acquisitions, these earnings are a direct result of the Company's recent acquisitions: Digispace Solutions LLC ("Digispace") an online performance-based advertising company; and Thinking Drone, Inc. doing business as Free The Apps ("Free The Apps"), an independent application developer for the iPhone and Android platforms.
Some highlights are:
Building the Company's Board of Directors
-- Bitzio appointed R.W. (Bob) Garnett, William Schonbrun and Amish Shah to its Board of Directors. These new directors collectively bring over 70 years of proven leadership experience in building and scaling companies for exponential growth.
Building the Management Team:
-- Appointing new Chief Financial Officer - R.W. (Bob) Garnett. Mr. Garnett is a senior financial professional with over 40 years of executive management and Board experience. He previously served as the CFO of a major public company with $700 million in revenue that grew through the acquisition of 100-150 companies each year; -- Appointing new Chief Operations Officer - Bruce Weatherell. With over 25 years of diverse experience in building and operating technology companies and developing technology products, Mr. Weatherell brings operational leadership and depth of management experience to Bitzio.
Strengthening relationships with key advisors:
-- Appointing six new Advisory team members known for their leadership and business expertise within the mobile applications community, to further establish Bitzio's unique mix of old school experience and new school talent; -- Forming a strategic alliance with a leading consulting firm specializing in investor, public and media relations for venture stage and emerging growth companies.
Completing three major acquisitions:
-- Bitzio Corp., a company separate and distinct from Bitzio, Inc. Bitzio Corp. has developed over 140 mobile applications in unique vertical markets with over 650,000 downloads in total and is in the process of developing 4,000 additional mobile applications. -- Digispace Solutions LLC ("Digispace"), an online performance-based advertising company that develops and deploys proprietary technologies and algorithms for the discovery, creation, and optimization of all types of online marketing. Digispace was recognized in both 2010 and 2011 as one of the fastest-growing private companies in America by Inc. Magazine. -- Thinking Drone, Inc., which does business as Free The Apps, an independent application developer for the iPhone and Android platforms. Founded in 2009, Free The Apps has established a track record in generating high margin revenue and highly successful downloads with its top Apps - achieving over 34 million downloads since its inception.
"We have built a solid team and core technology backbone for Bitzio. Going forward, we plan to continue to invest in our team and products in order to increase the value we deliver to shareholders," said Gordon McDougall. "According to research experts at International Data Corp (IDC), the mobile applications industry will reach $35 billion by 2014. We are pleased to be in a position as an industry leader to capitalize on that growth."
About Bitzio, Inc.
Bitzio, Inc. is focused on smartphone applications, social media and marketing optimization. We work directly with developers of mobile applications to dramatically improve their marketing reach, sales conversion, revenue and bottom line profits. We envision a mobile community where mobile applications enable people to connect in new and meaningful ways, and where Bitzio is a key driving force enabling these connections. For more information on the company, visit us at www.bitzio.com. To learn more about Bitzio, watch the video.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including statements relating to earnings expectations for the 4th quarter and the full fiscal year; The terms and phrases "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Bitzio in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that Bitzio believes are appropriate in the circumstances, including but not limited to general economic conditions, Bitzio's expectations regarding its business, strategy and prospects, and Bitzio's confidence in the cash flow generation of its business. Many factors could cause Bitzio's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; Bitzio's reliance on key personnel; Bitzio's ability to maintain and enhance its brand; and difficulties in forecasting Bitzio's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to Bitzio that may cause actual results to differ are set forth Bitzio's periodic filings with the U.S. Securities and Exchange Commission. (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Bitzio's forward-looking statements. Bitzio has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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