CAMPBELL, CA--(Marketwired - Oct 20, 2016) - Friendable, Inc. (OTC PINK: FDBL) today announced additional details related to its investment in Hang W/, Inc. and the acquisition of a royalty free technology license by the company.
Friendable's strategic investment in Hang W/, Inc. has not only resulted in its equity ownership, but a significant advancement in technology that will further diversify its product offering and revenue opportunities. The strategy is twofold, whereby Friendable will integrate their new live streaming video technology into its existing app as well as extending the technology into an entirely new product offering.
Up until now, Friendable has been solely focused on acquiring users, building engagement and generating the activity required to kick off revenue through the sales of location based advertising. The company believes the addition of live streaming video will propel Friendable into the future with a diversified and stand-alone product offering, as well as a dynamic feature addition to its current Friendable app.
"We are now more excited than ever for the future of Friendable, Inc. as our continued efforts to acquire users through various marketing methods are paying off on several fronts. Sometimes understanding that everything is a test is often one of the toughest things to contend with when building a business in this fast paced mobile app marketplace. Fortunately, we have captured what we believe to be the necessary data, user feedback and promotional metrics that will drive our success as we enter this next phase of our growth," stated Friendable, Inc. CEO Robert A. Rositano Jr.
"Our strategy is one of diversification as we look ahead to 2017 and with the addition of live streaming video we are now able to leverage our existing relationships with major A-list celebrities, which have been cultivated over the past six months for an entirely new app that will focus on an artist's fan base to provide a new and unique experience to their global audience, because most fans can't always be there in person. Additionally, our phase two integration of live video to our existing user base of Friendable app users will provide a feature upgrade that brings the level of social interaction to a whole new level. Stay tuned for additional details in the weeks to come," concluded Robert A. Rositano Jr., CEO Friendable, Inc.
Friendable, Inc. is the mobile-social network focused on the future, rather than sharing the past. It is all about having location specific and nearby opportunities to connect with others. The Friendable brand represents a "friends first" approach and takes all the pressure off its users, making it simple to create new connections, create meet up style events, or simply tell others what you are "Friendable" for. Based upon shared interests and locations, users can engage with what makes sense for them. Increased user interactions will allow Friendable to offer advertising and sponsorship opportunities to local venues/businesses and begin to generate revenue by providing these venues with location specific opportunities to reach potential customers when it matters most. As of April September 2016, Friendable has exceeded one million total downloads since the Company's inception and launch of the app in June 2013 under its previous brand name.
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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.