Adaptive Media reports 1H 2013 revenues of $613k and $143k for 2012
IRVINE, CA, September 17, 2013 – (Accesswire) – Multi-channel audience and content monetization company Adaptive Media, a subsidiary of Mimvi, Inc. (OTCQB: MIMV), announced its financial results for 2012 and the first half of 2013. Between the company’s incorporation on May 14, 2012, through June 30, 2013, the Company generated $756,700 in top-line revenues. Revenues in all of 2012 were $143,353 and grew to $613,347 in the first six months of 2013.
"We are pleased to report our audited financial performance that demonstrates the exciting growth at Adaptive Media," said Adaptive Media Founder and Mimvi CEO Qayed Shareef. "The first half of 2013 showed exponential increases over last year, and we expect revenues to continue growing in the second half of this year and beyond."
"In the two-and-a-half months since we closed the transaction with Mimvi, we’ve completed the audit, restructured the Mimvi business, eliminated a tremendous amount of legacy costs and put the company squarely on the path to financial independence," Shareef added. "Meanwhile, we are actively expanding the number of partners in Adaptive Media’s Supply-Side platform, and we see some very encouraging trends on the demand side as our sales and business development team is talking with direct advertisers, agencies, ad networks and brands about buying our exclusive inventory."
Shareef concluded: "The market for mobile, online video and display advertising is accelerating, and Adaptive Media is a great growth story. We are very well positioned to build a valuable business in this booming industry."
ABOUT ADAPTIVE MEDIA
Based in Irvine, California, Adaptive Media is a multi-channel audience and content monetization company working with website owners, app developers and video content publishers to better optimize the serving of content and ads together. The company serves as the foundation for content developers looking to engage brand advertisers through integrated, engaging and impactful ads across its content on multiple devices. Adaptive Media's multi-channel ad delivery and content platform delivers relevant and timely-placed advertising that meets the needs of its publishers' audiences without interrupting their users' experiences. For more information, please visit: http://www.adaptivem.com/.
Mimvi, Inc. (OTCQB: MIMV) is a leading mobile search and discovery technology provider. Its proprietary search and "intelligent" recommendation algorithms enable the search and discovery of Mobile Apps, Mobile Content and Mobile Products across multiple devices and platforms, including: Apple's iPhone and iPad, Google Android, BlackBerry, Windows Phone, Facebook and web applications. 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 contained in this Press Release including such forward-looking statements.
The WSR Group
Ph: (772) 219-7525
SOURCE Mimvi, Inc.
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