NEW HOPE, PA--(Marketwire - Jun 29, 2012) - MeetMe (NYSE MKT: MEET) (NYSE Amex: MEET), the public market leader for social discovery, today announced the closing of its social gaming studio, Quepasa Games, located in Curitiba, Brazil. Quepasa Games is the publisher of "Wonderful City - Rio," and in collaboration with WWF-Brazil, "Amazon Alive."
"While we have been very happy with the quality and engagement that Quepasa Games' titles have brought to audiences on Facebook, Orkut, Quepasa, and other social sites, we are closing this division in order to aggressively accelerate our core mission: to build the leading social network for meeting new people," said MeetMe, Inc.'s CEO, John Abbott. "Given our recent successful rebranding efforts for the company and the myYearbook platform, and later this fall, the transition of Quepasa's members to MeetMe, we believe our best course of action is to close this division in order to focus on growing the core MeetMe platform globally and to accelerate our path toward profitability."
As previously stated, in September, Quepasa members will be migrated to MeetMe, and the company will begin the process of internationalization -- six languages by the end of the year, including Spanish and Portuguese, positioning the company for global growth.
"As we rollout internationally, we are excited to introduce our fast growing mobile applications to our international audience, as 60% of our domestic audience now access the site via mobile, up from only 2% in 2010," added Abbott.
Both Wonderful City - Rio and Amazon Alive will continue to be available on Facebook, supported by its marketing and distribution partners.
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in the US and the public market leader for social discovery (NYSE MKT: MEET). MeetMe makes meeting new people fun through social games and apps, monetized by both advertising and virtual currency. The MeetMe brand grew out of the merger of myYearbook and Quepasa in November 2011. With 60% of daily active users coming from mobile, MeetMe is transforming how people discover one another in a mobile-first world. The company operates MeetMe.com, Quepasa.com, and MeetMe apps on iPhone and Android.
Cautionary Note Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding migration and internationalization of the platform, growth and accelerating our path toward profitability. All statements other than statements of historical facts contained in this press release, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that unanticipated events which affect the internationalization of the platform, users will be willingness to purchase virtual currency for our various offerings, the effectiveness of the mobile software on smartphones and tablets, and the risk that we are unable to monetize our mobile users. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K for the year ended December 31, 2011 filed on March 14, 2012. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.