TORONTO, ON, CANADA AND LAS VEGAS, NV / ACCESSWIRE / July 30, 2014 / Myriad Interactive Media Inc. (OTCQB: MYRY), (XNG.BE), a global interactive media and development company, is pleased to announce that we have signed an LOI to sell our MyMobiPoints mobile technology with a closing date of August 15th 2014.
"The company has signed an LOI agreement with Genius Properties, Ltd. whereby Genius will be forming a wholly owned subsidiary, to be named at a later date, which will hold a 70% interest in the proprietary rights, sales kits and related web properties of the MyMobiPoints mobile technology. The remaining 30% will be held by a second technology firm called EC Assiste Inc.," said Myriad CEO Derek Ivany. "The sale valued at almost $300,000 CAD will increase the assets on our balance sheet by almost double while at the same time reducing our ongoing expenditures. The final transaction will consist of a combination of both cash and stock in Genius Properties Ltd., a publicly traded company in Canada. Myriad believes this will help the company with its ongoing goal of eliminating debt, while at the same time significantly improving our balance sheet and narrowing our corporate and technological development focus towards our other core projects, specifically our Medical Marijuana mobile applications," continued Mr. Ivany.
Mr. Ivany further stated, "We are very pleased to divest an asset that we believe could be taken a lot further ahead by these two entities. The company looks forward to future opportunities where we will serve as a design, development and consulting partner. In 2013 Myriad initiated several key meetings for large re-seller sales distribution of the MyMobiPoints technology and will work with those partners to introduce the new and improved version of the technology down the road. Myriad will earn commissions and or royalties for any separate deals that are closed from these past meetings. Any of these existing discussions could translate into additional upside for the company upon successful completion of these previously initiated re-seller deals. In addition, the company will sign a separate agreement to develop a Google Android version of the MyMobiPoints technology on behalf of the purchasers. A separate 8K filing will be filed with the SEC to highlight the particulars of this transaction."
About Myriad Interactive Media, Inc.:
Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops mobile applications, corporate websites, enterprise applications and other custom web development solutions for corporate clients. Myriad has developed several in house technologies which are 100% owned and operated by Myriad Interactive Media, Inc.
Myriad Interactive Media Inc. is a public company quoted on the OTCQB under the symbol MYRY and on the Berlin exchange in Germany under the symbol XNG. For more information, please visit us in the USA at www.myriadim.com
In addition to historical information, this press release may contain forward-looking statements that reflect the Company’s current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
Myriad Interactive Media Inc.
Find us on Twitter
Find us on Facebook
Find us on Google+
Contact Investor Relations (Email Preferred)
Investor Relations: 1-800-427-1103
Interactive XBRL Filings are available at:
SOURCE: Myriad Interactive Media Inc.