New Media Insight Group Inc. (fka NMED)

[236T568]

NMED - Big time troubles with its main business, which has yielded zero revenues as of the last quarterly filing:


http://ih.advfn.com/p.php?pid=nmona&article=65080073&symbol=NMED

Effective September 1, 2013, our company entered into an exclusive agency agreement with PayWith Worldwide Inc. (“PayWith”), pursuant to which our company will market a new product called mCards (mobile cards) (the “Platform”) in the following states: Arizona, Colorado, Nevada, Oregon, Utah and Washington (the “Territories”). Pursuant to the agency agreement, our company will generate revenue associated with every mCard transaction that takes place using the mCardNetwork. Under the agency agreement, our company had the following obligations to PayWith:



• Achieve the following targets within the Territories:

 
      Number of Signed     
 Target Date    Merchant Agreements     
 6 months after effective date    500     
 12 months after effective date    2,000     
 18 months after effective date    10,000    

As of the date of this Registration Statement, these targets have not been met. These targets were not met due to the slow rate of mobile payment adoption in the United States. Pursuant to the agreement, PayWith may revoke the exclusivity of the rights to the Platform held by us in the Territories as these obligations were not met.

Our company has paid $150,000 to PayWith for the exclusive licensing rights mentioned above.