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$UAMM to form Subsidiary to focus on Blockchain and Crypto Technologies

UA Multimedia, Inc. - A solution provider of cannabis ancillary products and services with an emphasis on technology, today announces changes in management and update of business development.

The board of directors has accepted Lou Klein's resignation and concurrently appointed Michael Lajtay as the Company's President and interim Chief Executive Officer. The transition will take effect on March 30, 2018.

Mr. Lajtay is currently a consultant for SupraAlgae, Inc., a manufacturer of unique soil conditioners targeted at the cannabis market. He is also involved with cryptocurrencies in various capacities since 2014. He has served as a cryptocurrency consultant, trainer and speaker as well as participated in numerous initial coin offerings (ICOs) and has helped launch several sophisticated mining operations. Mr. Lajtay also has extensive business experience in the area of consumer products and automotive. Mr. Lajtay holds a B.A. in Economics from Claremont McKenna College.

The growth of the advertising portal MJ Circle has been solid and continues to escalate. The platform currently has several thousand active accounts, and the number of visitors has been increasing on a steady basis. The Company has booked modest revenues last quarter as well as this quarter from premium services and plans to increase its marketing effort once certain regulatory, technical issues and enhancements for the site have been addressed.

To err on the side of caution, management had deliberately put the development and launch of CannaMedi.com on hold since the beginning of January when Jeff Session rescinded of the Cole Memo. Due to the recent positive development in the cannabis industry, management had resumed the preparation for the site launch, which is scheduled to take place sometime in the next quarter.

The Company is experimenting with expanding the scope of MJ Circle to include additional industry community activities such as discussion forums, media channels, professional and personal networking, online shopping as well as dating services. The Company is also considering integrating the Cannaxa and CannaMedi sites and features into the MJ Circle ecosystem.

https://www.thestreet.com/story/14535787/1/ua-multimedia-appoints-michael-lajtay-as-interim-chief-executive-officer-and-provides-corporate-update.html