SOURCE: Mindpix Corp.

November 15, 2013 08:00 ET

Mindpix (MPIX) Files Quarterly Report and Provides Update to Shareholders

MIAMI BEACH, FL--(Marketwired - Nov 15, 2013) -  Mindpix Corporation (OTC Pink: MPIX); ("Mindpix" or the "Company"), a technology driven media services and entertainment company focused on owning, creating and/or managing multi-platform music, entertainment, sports and US Hispanic properties, today announced that the Company has filed with OTC Markets its financial statements for the period ended September 30, 2013, and has released the following brief update to its shareholders:

During the three and nine months ended September 30, 2013, Mindpix continued to aggressively clean up its balance sheet, improve its capital structure and prepare itself for near term growth and revenue generation. The Company's quarterly financial statement was filed today and posted on OTC Markets. Notable information and some forward-looking information are highlighted below:

Operational and Financial Highlights of the Three and Nine Months Ended September 30, 2013

  • Company returned to current status on the OTC Markets exchange.
  • Total operating expenses and net loss were recorded at $879,101 and $860,312 for first nine months of 2013 and 2012, respectively. Of this, personnel expenses were $170,012 and $15,876 in the nine-month periods of 2013 and 2012, respectively.
  • Current liabilities dropped by 30% to $456,669 from $655,598 in December 30, 2012.
  • Approximately, 674 million common shares were returned to the treasury since December 30, 2012.

Victor Siegel, Chief Executive Officer and President of Mindpix Corporation, commented, "We are pleased with the progress we have made operationally and financially in a very short amount of time. Mindpix restated its financials in June and went from non-current to current status with the OTC Markets in August. In addition, we continued the arduous task of reducing our share count -- a task that is still at the forefront of our agenda. In this effort, we succeeded in returning approximately 674 million shares to the Treasury since December 30, 2012; and of this, 275 million shares were successfully returned since August 1, 2013."

He continued, "Phase 1 of our strategic plan for Mindpix was to quickly put our financial house in order. Having accomplished this, we are now deeply into Phase 2 -- which entails productizing and monetizing our services to drive revenue growth and long-term shareholder value. Our recently announced partnership with Causora, as well as the addition of key staff, are just the first steps in that direction. I'm confident we are moving firmly in the right direction. On behalf of the Company, I wanted to thank our shareholders for the continued support as we move Mindpix forward."

About Mindpix Corporation
Mindpix Corporation (OTC Pink: MPIX) is a multi-platform media services and media company focused on 3 key sectors, Media/Entertainment, Sports and the US Hispanic marketplace. Through a unique integrated eco-system, MPIX provides the critical on-line video technology, production, digital marketing, audience development, payment services, sponsor acquisition, digital and traditional media distribution services to drive revenue for live and VOD (video on demand) events globally.

MPIX disclosure and financial information is published on OTC Markets and can be found at the following site: http://www.otcmarkets.com/stock/MPIX/filings/

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.

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