Toronto, ON and Las Vegas, NV / ACCESSWIRE / August 26, 2014 / Myriad Interactive Media Inc. (MYRY) terminates medical marijuana mobile app development project, and shifts focus.
Myriad Interactive Media Inc. (OTCQB: MYRY),(XNG.BE) a global interactive media and development company, is issuing the following important corporate update on the company's state of affairs and its choice to shift its focus away from the Marijuana sector.
"The company would like to notify investors that after significant due diligence in entering the marijuana sector with a mobile app, we have decided that it is not in the best interest for our company and for our shareholders to put the company at risk in the sector. The Marijuana sector as outlined by a recent SEC bulletin clearly highlights the space as being unsafe and therefore we do not want to entangle our company within a sector facing so much negative scrutiny. The initial mobile app framework has been shifted to another sector which we plan to enter, and will be announcing shortly. We are excited that we have found a better candidate for this technology and look forward to presenting it in the near future. Our company will continue its track record of developing and delivering technology products for our customers and investors. The company would therefore like to retract our announcement on March 5 2014 that announced entering the Marijuana sector. We are not a Marijuana company, nor have we ever been. We are a web and mobile technology company that develops innovative technologies for today's fast paced and engaging technology space," said Myriad CEO Derek Ivany.
Artificial Life Technologies Deal
"The company would like to update its announcement on July 1st 2014 about our licensing agreement with Artificial Life Technologies. We will be shifting our focus on this application, which will be a separate mobile application development, completely focused on a different medical sector. The company is in discussion with our medical advisory board on this separate app development project that we will make an announcement on in the future," continued Ivany.
"Myriad Interactive Media, Inc. has terminated its LOI with Genius Properties, Inc. regarding the sale of our MyMobiPoints technology as certain agreements could not be reached. Several key pieces of our IP which we will be integrating into our newest mobile app would have been impossible if we continued with the sale. To protect our assets, code repository and intellectual property we will continue forward with integration of certain elements of this existing MyMobiPoints framework into our upcoming app launch. We will re-visit a sale or joint venture of the MyMobiPoints technology down the road," continued Ivany.
"The company would like to announce that we are no longer traded on the Frankfurt Stock exchange and are solely trading on the Berlin market at this time. According to the Frankfurt Borse, we were incorrectly listed on the exchange for a 1 day period. The Frankfrut Borse further stated that OTC companies do not qualify for Frankfurt listings and therefore we can only retain our Berlin listing for investors. In the event that the company were to move onto a recognized North American exchange we would than qualify for a listing in Frankfurt," said Myriad CEO Derek Ivany.
"I have never felt more confident about our future direction," said Myriad CEO Derek Ivany. "We are narrowing our focus to several key projects. We have taken our time to evaluate our overall business and we have looked at the bigger picture very thoroughly. We came out surging in the beginning of the year and delivered an exciting Bitcoin project and moved forward with an even more exciting game announcement. Our company continued ahead, eliminated debt, survived a toxic debt crisis and put our minds to work with more innovative ideas. As we continue to lay out the framework for our game development with Dr. Knizia and outlined our plans with our strategic advisors in Germany, it has become more and more clear that we need to focus on priority projects and maximize our efficiency even further. Accepting this advise we moved forward and cut back on certain aspects of our business that were not delivering appropriate returns for the efforts we put in. We have cut our burn rate in half, re-evaluated our most important projects and shifted the application development on our most recent announcement where we can continue forward with the 25% remaining on completing this exciting app. We would like to thank our investors for their continued patience in Myriad," continued Ivany.
About Myriad Interactive Media, Inc.:
Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops corporate websites, enterprise applications and mobile apps. 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.
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SOURCE: Myriad Interactive Media Inc.