CAMPBELL, CA , Dec. 11, 2017 (GLOBE NEWSWIRE) -- Friendable, Inc. (OTC PINK: FDBL), a mobile and social focused technology company, today released additional details on its planned Fan Pass spin-off and the Company’s strategic plans for 2018.
Fan Pass Spin-Off
The Company recently announced plans to spin-off its newly formed subsidiary “Fan Pass, Inc.” as well as the mobile app by the same name. The Fan Pass app is the Company’s latest mobile app being developed based on a niche discovered by the Company, following several celebrity driven marketing campaigns entered into by Friendable over the previous years. The app will provide live streaming video, alongside social broadcasting teams that the Company intends to deploy. These teams allow the company to control the live content and capture the exclusive back-stage and uncensored video of their favorite celebrity or performing artist.
“In addition to our ongoing development efforts on the Fan Pass mobile app, we are nearing completion of the S1 filing for Fan Pass, Inc. Soon, our shareholders will be notified of a share distribution of Fan Pass, Inc. shares, which will be in addition to and separate from their current holdings in Friendable, Inc.,” stated Robert A. Rositano, Jr., CEO of Friendable, Inc. “It has been a long and painstaking process of bringing development resources back up to speed on Fan Pass, following our strategic investment in a partner and eventual relationship fall out. Taking over full control of the app’s development from this team required the Company to devote significant resources to this process specifically and cost us several months of unforeseen issues that needed to be resolved. Fortunately, the app is now in an internal beta and testing phase. We are extremely pleased with the progress and believe we are on track for full release in 2018. We are continuing to pursue the proper funding and structure for Fan Pass, Inc. in order to complete the app and properly release it in 2018, which is also a priority for the Company. Additionally, we are working with our current funding partner to find a solution or opportunity that would allow Friendable to restructure its current convertible debt, which we believe is the best way to enhance value for the Company and our shareholders moving forward.”
Friendable 2018 Strategic Plans and Mobile App Update
The Company launched its first mobile app in late 2013 as a location based dating app. The app grew and eventually found its niche as a social networking app now known as “Friendable”. Today the app continues to grow organically, currently reporting approximately nine-hundred thousand (900,000) registered users.
“The Company believes it has made great strides in bringing the Friendable brand to the market, as well as having had tremendous momentum and success with the Friendable app over the years. As with any mobile app that requires critical mass or millions of monthly active users, the business model also requires significant investment to continue marketing, promoting and acquiring users. Keeping the network active and ultimately building a strong community of active users is what the Company believes will translate into many revenue opportunities. A strong, active user base not only helps to grow the app virally, it also multiples the Company’s opportunities to monetize each user on the advertising side, which has been driving force behind Friendable’s business model,” stated Robert Rositano Jr., CEO of Friendable, Inc.
“Based on our user base having become an asset in and of itself, we feel it is in the best interest of the Company and our shareholders to pursue various opportunities to monetize these users. This includes seeking complementary business combinations, merger and acquisition strategies and ultimately a strategy that drives the restructure of the Company’s current debt. Alongside these efforts, we will continue to evaluate various ways in which value can be created for the Friendable brand and the Company’s shareholders. Stay tuned, as we focus on the road ahead and move down a parallel path of creating value for both Friendable, Inc. and Fan Pass, Inc.,” concluded Robert A. Rositano, Jr., CEO of Friendable, Inc.
About Friendable (www.friendable.com)
Friendable, Inc. is a mobile technology company that develops, acquires, and invests in mobile applications with a social focus. In 2013, the Company released its flagship product Friendable, a mobile social application where users can create one-on-one or group-style meetups for food, drinks, live music, or any occasion. In 2017, Friendable, Inc. plans to release “Fan Pass”, a live streaming video application where fans can watch exclusive video content of their favorite celebrities by subscribing to celebrity channels. Through the Friendable and Fan Pass mobile applications, Friendable Inc. aims to become the premier social platform dedicated to connecting and engaging users to expand connections beyond today’s existing limitations.
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Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.