SOURCE: iHookup Social, Inc.
CAMPBELL, CA--(Marketwired - May 21, 2014) - iHookup Social, Inc. (OTCQB: TFERD), a mobile application company positioned at the intersection of dating, social media and location based connections is pleased to announce the timely filing of its financial results for the quarter ending March 31, 2014. The full 10-Q filing is available on the SEC's website: http://www.sec.gov
Key financial results of operations for the quarter ended March 31, 2014 are summarized herein:
- Monthly revenue grew at an annual rate of 25% in Q1
- Downloads (free and paid) grew 124% month over month in Q1
- Total registered users totaled 137,743 at the end of Q1
- Net loss for the quarter of $911K included non-cash adjustments of $294K and $234K for an impairment charge and accretion expense.
- Company disclosed settlement of $1.2M promissory note and release of mineral properties (to be recorded in Q2)
"With the release of our first quarterly report as iHookup Social, we are pleased to begin a formal pattern of transparency for the Company and our shareholders," stated Robert Rositano Jr., CEO, iHookUp Social, Inc. "And while we are pleased with the significant progress made in this period, both in the abeyance of debt and in the increase in our gross revenue, I would like to remind our investors that the Company views the most valuable metric as user growth."
"Recent acquisitions in the social media space tell us that the market values foremost the size of the community and the monetization potential of that community," added Rositano. "As such, we view our top line growth as a potential means to better capitalize and fuel our development and user acquisition strategy. The first important threshold of a 'registered user base' means a significant foundation for rapid expansion and our goal of 250,000 will mark a significant milestone in this regard. At that point, we believe that significant viral behavior among our users takes place and we can take the next steps in the execution of our business model."
Milestones from the period include:
iHookup is available in the Apple App Store, where visibility in rankings on the free, paid and social networking categories also drives traffic to both versions of the application. The highest rankings achieved by the iHookup Social app in March 2014 are as follows:
- Top Grossing Social Networking FREE iPhone / iPod App USA: #54
- Top Grossing Social Networking PAID iPhone / iPod App USA: #70
- Top Grossing Social Networking FREE iPad App USA: #83
- Top Rank in Social Networking FREE App USA: #149
- Top Rank in Social Networking Paid in March: #20
- Top Rank in Social Networking Paid Canada: #13
From time to time, iHookup Social will provide market updates and news via its website www.ihookupsocial.com or the Company's Facebook page at www.facebook.com/ihookupnow
A current Investor Presentation can be viewed at the link below:
iHookup Social, Inc.
iHookup Social is a "proximity based" mobile social platform that facilitates real connections, between real people...in real time! It utilizes the intelligence of GPS and localized recommendations for dating, friends, groups and organizations to break through closed social cliques and expand them, not only virtually, but in real life!
The company's users will be provided with "local" options of many kinds, enabling mobile distribution of locally relevant content and special offers. The company hopes to bring together a dynamic opportunity for brands, advertisers and merchants to interact in new and innovative ways with the iHookup Social Network, while building customer loyalty, engagement and revenues. The company is pursuing its growth in its current "dating vertical" market, as well as expanding its reach in the general audience category of "Social Networking." www.ihookupsocial.com
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 iHookup Social, Inc. the wholly owned and operating subsidiary of Titan Iron Ore, Corp. ("Titan"). The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the iHookup Social - Titan's common stock or its present or future financial condition. iHookup Social - Titan's filings 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. iHookup Social - Titan cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, iHookup Social - Titan does not undertake, and iHookup Social - Titan specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.