Friendable's Fan Pass Mobile App in Stand-Alone Subsidiary.....
Friendable to Spin-Off New Fan Pass Mobile App in Stand-Alone Subsidiary
Friendable Shareholders to Retain 51% Ownership in New Fan Pass, Inc.
CAMPBELL, CA -- (Marketwired) -- 08/03/17 -- Friendable, Inc. (OTC PINK: FDBL), a mobile and social focused technology company, today announced its most recent developments following the Company's initial beta testing of its Fan Pass mobile app. Fan Pass is the Company's latest mobile app, developed to provide live streaming video so that fans can watch exclusive back-stage and uncensored video content of their favorite celebrity or performing artist. The Company launched its first mobile app in late 2013 as a location based dating app that eventually found its niche as a social networking app now known as Friendable.
"After several months of corporate development and investment negotiations, we are pleased to announce that the Company has created a dynamic path forward for both the Friendable and the new Fan Pass application, with a recently negotiated funding for working capital," stated Friendable CEO, Robert A. Rositano Jr.
"Fan Pass was originally slated and on target for a February 2017 release. However, continued development delays from the Company's partner Hang W/, along with other factors disclosed in the Friendable's 10k filing earlier this year, pushed back the release, and management determined that Friendable's strategic marketing and development relationship with our partner had fallen significantly short of the Company's expectations. As a result, Friendable has moved forward with what management believes to be the right path for the Company and its two apps. which includes the recent formation of Fan Pass, Inc."
"Friendable intends to immediately dividend shares to all Friendable stock holders of record and prepare a registration statement for Fan Pass, Inc. to commence trading on the OTC exchange in the coming months. Additionally, the Company is taking delivery and full ownership of the existing technology and work product completed to date. Following this delivery, the Fan Pass application development will proceed forward utilizing Friendable's resources, rather than those of our previous partner."
"The Company has been quiet in recent months due to the confidential nature of the negotiations with our funding partners, as well as the issues surrounding our partner relationship. I would like to send my sincere apologies to our shareholders that had requested information on the status of both Fan Pass and Friendable over the previous months, as we were simply advised to stay quiet until an agreement was reached. We have been through several rounds of negotiations to achieve this short-term financing that allows Friendable to pursue our strategy for diversification and are pleased to announce its completion," continued Rositano Jr., CEO.
"This said, Friendable, Inc. is pleased to announce that the Company has recently entered into a Securities Purchase Agreement with Alpha Capital to provide short term working capital to assist the Company in achieving its next milestone and Fan Pass spin-off. One of our first orders of business will include the issuance of Fan Pass, Inc. shares to be provided to all Friendable shareholders of record as a distribution, dividend or other method best suited for this transfer."
"This is only the first of many steps that we believe can lead to the evolution of Friendable, creating a secondary opportunity that could become management's main driver in creating future value for the Company and our shareholders and thank all of our supporters for continuing to believe in management's ability to find solutions in a technology marketplace that is rapidly iterating," concluded Rositano, Jr.
About Friendable (www.friendable.com) Friendable, Inc. is a mobile technology company that develops, acquires, and invests in mobile applications with a social focus. In 2013, the Company released its flagship product Friendable, a mobile social application where users can create one-on-one or group-style meetups for food, drinks, live music, or any occasion. In 2017, Friendable, Inc. plans to release "Fan Pass", a live streaming video application where fans can watch exclusive video content of their favorite celebrities by subscribing to celebrity channels. Through the Friendable and Fan Pass mobile applications, Friendable Inc. aims to become the premier social platform dedicated to connecting and engaging users to expand connections beyond today's existing limitations. Visit our social media properties
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 Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission 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. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Company Contact:
Phone: (855) 473-7473