NEW YORK, March 27, 2018 (GLOBE NEWSWIRE) -- SoOum Corp. (OTCPINK:SOUM) (“SoOum” or the “Company”), a Physical Commodities Arbitrage Trading Company, offering a web-based International Trade platform – SoOum.com – releases a “Letter to Shareholders.”
Mr. Terence Byrne, SOUM’s new Chief Financial Officer, provides a detailed letter about the Company's current strategies, as follows:
“Dear Shareholders and Friends of SoOum:
In the past several months we have accomplished a great deal. As we progress into 2018, our story is starting to unfold nicely.
Recently, we implemented a two tier strategy consisting of expanding our global platform membership and enhancing in-house International Arbitrage Trading.
Our web-based ‘International Trade Platform’ - SoOum.com - has made leaps and bounds from a simple idea to a fully-operational International trading tool that we hope will bring SoOum Corp to the forefront of International trade, while simplifying the process for the trade community and beyond.
SoOum.com members can easily access live trading opportunities, track deals in progress, gather trade intelligence, instantly share images, proof of product, interact with counterparties, and much more. All program functionalities within a centralized location right on their laptop, PC, or mobile device. Changes and additional functionality are coming soon. We will keep you all updated, as this is truly an exciting time for myself and the team here at SoOum.
Getting back to our strategy for platform growth, it’s fairly simple. We are growing our subscriber base in two-ways. We are instituting an organic approach through techniques like inbound marketing and SEO optimization, and we will also continue to research the acquisition of other websites that will add value by bringing new members in bulk to SoOum.com.
With that being said, recently we have entered into negotiations with Tradeboss.com, an established worldwide b2b marketplace. This acquisition will include over 655,000 members that will be added to our platform. The talks with Tradeboss.com are going very well, as we continue to make strides to come to an agreement that will benefit both parties; our due diligence continues.
In conjunction with SoOum.com’s business model, we have a backlog/pipeline of deals developing, as our in-house ‘International Arbitrage’ trading business begins to take shape again. When we arbitrage, we buy an asset in one market and sell it in another market, when a price differential exists due to irregular supply and demand conditions of both or one of the two markets. We have a team of experts on hand working diligently with our proprietary technology to hone in on such supply and demand conditions of a broad range of commodities.
‘Physical Commodities’ arbitrage is very capital intensive, and before I joined the team, financing such transactions proved difficult, but that’s all changing now. One of my priorities here at SoOum, in regards to our in-house arbitrage trade business, is to create a track record of completed transactions that will attract cheaper financing and better capital raising opportunities.
Additionally, I have been working very hard with our counter-parties in Malta to establish a scalable 100% USDA beef trade. Our buyers in Malta are on-board and progress is made every day. We hope to establish a long-term relationship and scale the business accordingly.
Furthermore, I am very proud of the management team and the creation of our Board of Advisors has truly paid off for us. Their expertise and dedication has added an enormous amount of talent to our team, and because of this, we are getting things done on multiple fronts. Thanks to our team and our technology, we are creating a shorter time frame from shortage or surplus to trade through our in-house arbitrage and SoOum.com
In closing, we have been moving forward by developing business transactions and engaging acquisition prospects. Our goal is to develop multiple streams of revenue to diversify our business model, as all lines of business being developed are and always will be intended to aid in our ‘Mission - Addressing Shortages to Minimize Global Scarcity.’
Sincerely Yours,
/s/
Terence Byrne
Chief Financial Officer
SoOum Corp.”
About SoOum Corp
SoOum Corp is a publicly held (OTCPINK:SOUM) “Physical Commodities International Trading” firm. Specializing in arbitrage based transactions of Physical Commodities, as well as offering a web based “International Trading Platform”- www.sooum.com
For more information regarding this press release please contact SoOum Corp Investor relations - investors@sooum.com
Cautionary Note Regarding Forward-Looking Statements in this press release regarding the Company’s business which are not historical facts are “forward-looking statements” that involve some risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company’s annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Contact:
Steve Messina
646-801-3772
investors@sooum.com