Myriad Interactive Media Inc. (MYRY) terminates medical marijuana mobile app development project, and shifts focus.
27 August 2014 - 2:04AM
InvestorsHub NewsWire
Myriad Interactive Media Inc. (MYRY)
terminates medical marijuana mobile app development project, and
shifts focus.
Toronto, Ontario – Las Vegas, Nevada
April 16 2014 7:00AM EST
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.
MyMobiPoints Sale
“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.
Frankfurt Listing
“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.
Moving ahead
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
Forward-Looking Statements
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.
Contacts:
Myriad Interactive Media Inc.
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Investor Relations: 1-800-427-1103
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