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Mimvi Signs Deal With Intertrust to Develop Mobile & Search Technology(December 08, 2010)
SAN FRANCISCO, Dec. 8, 2010 (GLOBE NEWSWIRE) -- Mimvi, Inc. (OTCBB:MIMV), the mobile apps (or applications) search and recommendation company, has signed an agreement with Intertrust (http://www.intertrust.com) to develop strategic technology related to the mobile and search industries. Technology and expertise will be made available to Intertrust partners and consumers.
In 2003, Intertrust became a private joint venture formed by Sony and Philips in a deal worth $453 million. Today, Intertrust is an independent, privately held company headquartered in Silicon Valley, with offices in China and London. Sony, Microsoft, Nokia and other prominent companies remain strategic partners of Intertrust in developing, patenting and licensing its technology related to trusted mobile applications, targeted advertising, smartphones, cloud computing and Internet TV.
This deal represents the first phase of the relationship. Commenting on the new agreement, Kasian Franks, Mimvi's CEO and Founder, said, "Everyone at Mimvi is delighted to be working with Intertrust in the development of technologies that will capitalize on some very exciting market opportunities. This relationship will provide Mimvi with a steady stream of revenue moving forward—well ahead of schedule in our business planning. This new source of revenue, combined with the Company's existing cash flow, will serve as one milestone toward achieving profitability. We are looking forward to collaborating with Intertrust and its key partners on more strategic levels, long into the future."
Headquartered in San Francisco, California, Mimvi, Inc. (OTCBB:MIMV) is a pure-play search engine and recommendation technology company. It enables the search and discovery of mobile applications, mobile content and mobile products across multiple devices and platforms, including: the iPhone, Google Android, BlackBerry, Windows and Nokia. Mimvi´s technology is based on (patent pending) proprietary search and "intelligent" recommendation algorithms. For more information, please visit: http://www.mimvi.com
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," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect 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 catered in this Press Release including such forward-looking statements.
CONTACT: Emerging Growth Research, LLP
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