Debt Restructure and Exclusive Shareholder Offering to be Key Drivers
CAMPBELL, CA, Dec. 04, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Friendable, Inc. (OTC PINK: FDBL) is pleased to announce that the Company has accomplished several key initiatives, set forth by its management, in order to secure a future for Friendable and its shareholders. The Company believes these initial achievements establish a new foundation for growth and provides an opportunity for Friendable and its shareholders to ban together as we approach this new phase.
Following the Company’s termination of its ongoing merger transaction with Sharps Technology, Inc. in September 2018, management embarked on a mission to complete mutually agreeable terms of a debt restructuring with its majority convertible debt holders and continue its efforts to complete a new version of its Friendable application, as well as moving closer to a release date for its Fan Pass mobile application. Additionally, management successfully completed Friendable’s SEC reporting requirements with the filing of its 10Q and maintained its status as a fully reporting company.
“The objective of the Friendable model has always been focused on building community,” said Robert Rositano, Jr., CEO, Friendable, Inc. “While technology makes it possible for the world to appear smaller, in many cases technology makes people more polarized and feeling further apart. Management believes in Friendable’s core goal, which is to build community and bring people together. Whether it’s for a group style meet up or a one to one dating opportunity, either way we have always looked for creative ways to build these communities that we believe are so needed today,” continued Rositano.
“To this end, we will continue exploring strategic merger and acquisition opportunities for the Company but have focused on delivering a version 2.0 of the Friendable mobile application as the priority, the app is only weeks away from release, following a successful round of financing. The new release has been positioned as a "Subscription Based" app specifically targeting the dating marketplace and moving away from a FREE "Meet Up" style, social application that has existed in the past. Although our FREE model has provided Friendable with over 1.5M downloads and approximately 900,000 registered users, this model is too capital intensive for the Company at this stage,” said Rositano.
“Let’s instead, begin to utilize our database of 900,000 registered users and convert as many of these users as possible, to thriving, revenue producing subscribers in a new release of Friendable, the dating app. This being said, the Company continues to prepare for a spinoff of its Fan Pass mobile application and Fan Pass, Inc. its subsidiary entity, as we have also completed the steps necessary for the Fan Pass app to move into its next phase of development and testing. This stage also includes working with our agency partner to identify the Company’s initial artist for pilot roll out of Fan Pass app in 2019.
“We remain excited about the Company’s current products, brands, assets and overall opportunities and need our shareholders to work with us to achieve these next steps in the evolution of Friendable, Inc. Stay tuned for our next announcement, we would like to allow each shareholder the time to better understand the current update and ask any questions they may have. The Company will then follow up with the details of our agreed upon debt restructure and exclusive offering to our 8,600 shareholders of record. We thank you and appreciate each one of you,” concluded Robert Rositano, Jr., CEO, Friendable, Inc.
About Friendable, Inc.
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. Friendable, Inc. has been developing and plans to release its brand new mobile app platform “Fan Pass Live", a live streaming video application for both iPhone and Android designed to allow music artists, athletes and celebrities to offer their fans and social followers a backstage or VIP experience right from their smart phone. Through the Friendable and Fan Pass applications, Friendable, Inc. aims to become the premier brand for mobile platforms that is dedicated to connecting and engaging users beyond today’s limitations.
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.