Multiplied Media Corporation (the "Company" or "Multiplied")(TSX VENTURE:MMC),
an award-winning, Calgary-based provider of mobile local search services, today
reported results for its second quarter ended June 30, 2010.
Total revenues for the quarter ended June 30, 2010 were $196,635 compared to
$101,200 for the same period in 2009. The net loss for the quarter ended June
30, 2010 was $1,848,222, or $0.01 per basic share, compared to a net loss of
$523,205, or $0.01 per basic share, in the same period of 2009.
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Summary of Quarterly Results of Operations - For Quarters Ended June 30
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2010 2009
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Total Revenue $ 196,635 $ 101,200
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Net loss from operations $ (1,848,222) $ (523,205)
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Loss per share - Basic $ (0.01) $ (0.01)
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Total assets $ 14,729,553 $ 814,185
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Total liabilities $ 4,760,753 $ 659,775
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Outstanding Shares - Basic 265,816,846 95,182,296
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Outstanding Shares - Fully Diluted 297,461,826 114,341,296
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On May 3, 2010 Poynt for iPhone was listed by EnvIO as a top free app as
recommended and downloaded by users. EnvIO, a leading social networking software
development company, released the results from its latest report that covers the
top recommended apps, free apps and paid apps for the month of March. Poynt was
named number ten on the free app list in its first month in the iTunes App
Store.
A reseller's agreement with PT BIMA was announced on May 11, 2010 to begin
selling the Email-to-SMS product to mobile operators in Indonesia.
Poynt 360, Poynt's augmented reality feature for the iPhone, was introduced on
May 12, 2010. The feature utilizes the iPhone's GPS, compass and camera to
display search results as clickable tags over a live view of the surrounding
environment.
A version of Poynt for BlackBerry(R) Enterprise Server clients was introduced on
May 18, 2010, providing large companies the ability to download and install
Poynt on corporate devices, providing access to large numbers of previously
inaccessible BlackBerry users.
An agreement with UK-based local business search company, Thomson Local, was
announced on May 19, 2010 to deliver their local business listings within the
business and restaurant sections of Poynt in the United Kingdom. Subsequently,
Multiplied and Thomson Local announced the implementation and consumer
availability of the listings on August 23, 2010.
On June 3, 2010 the Company announced that over 22.8 million search queries were
conducted using Poynt during the month of May. On June 22, 2010 the Company also
announced that Poynt had been downloaded and used on more than 3 million unique
devices in Canada, the United States, France, Italy, Spain, Germany and the
United Kingdom.
An agreement with Telus Communications was announced on June 17, 2010 to augment
Poynt's listings with TELUS live operators. This service is particularly
valuable for users when typing on the smartphone isn't possible or when
additional business listing content is required.
The addition of local weather to Poynt for the iPhone and iPod Touch was
announced on June 22, 2010. The new weather feature includes the current local
temperature and displays the physical look of the weather and time of day in the
background of the application.
Subsequent to June 30, 2010, the Company announced itself as the presenting
sponsor of the "From Dusk til Con" event to be held at San Diego Comic-Con. The
successful event attracted several executives from Hollywood studios,
introducing them to the Poynt brand and demonstrating its capabilities as an
advertising publishing platform. The activities surrounding the event also
brought awareness of Poynt to the general public and a key user demographic as
demonstrated in increased user numbers during that time frame.
From the previously announced agreement with Ping Mobile to sell location-based
advertising on Poynt came the first successful trial program with the Days
Business Alliance, a select group of Days Inn properties and part of Wyndham
Worldwide. The highly targeted campaign, which delivered Days Inn text and
banner ads based upon the users' keyword search and location, performed well
above industry standards. The campaign, which offered a discount on hotel stays
within the United States, provided valuable information to Poynt users who were
searching for travel accommodations, while increasing the profile of the Days
Inn brand and furthering Poynt as a location-based search advertising platform.
The group has since renewed the advertising agreement for an additional two
months.
On July 20, 2010, the Company announced the addition of Dr. Amit Monga to the
Board of Directors. Dr. Monga brings experience in technology and life sciences
as an angel investor and venture capitalist, has successfully launched a
technology start-up, and has spent a number of years in investment banking
covering the Canadian technology sector. His diverse experience adds to the
existing strength of the Company's Board and provides additional expertise in
the capital markets arena. Among other endeavours, Dr. Monga currently holds a
board position with Alberta Innovates - Technology Futures, serves on the
Campaign Committee of the Toronto International Film Festival and is a member of
the Business Advisory Council of the University of Alberta School of Business.
On July 20, 2010, an agreement to preload Poynt on US-based Cricket Wireless
smartphones was announced. Since that time, Cricket Communications has launched
the BlackBerry(R) Curve(TM) 8530 which includes a preload icon for Poynt. On
August 17, 2010, the Company announced that WIND Mobile, provider of
next-generation wireless services in Canada, chose to provide a preloaded icon
for Poynt on subscribers' BlackBerry(R) smartphones. The inclusion of Poynt on
carrier devices aids in the discovery and download of the application, thereby
increasing user numbers at minimal cost.
On July 29, 2010, the Company launched Poynt for Android devices in Canada, the
United States and the United Kingdom. Poynt for Android offers the features and
benefits of multiple individual local search applications in one. By entering
search terms, the user is able to find and discover nearby people, businesses,
restaurants and movies, as well as find the lowest local gas prices and view an
integrated five-day weather forecast. Poynt allows users to find phone numbers,
addresses, maps and directions, as well as utilize offers enhanced features such
as the ability to read movie reviews, view trailers and even purchase movie
tickets and book dining reservations.
Stock options were granted by the Company to officers, directors and employees
as recognition of their commitment during the past 12 months and to provide
incentive for future growth. The Board granted an aggregate of 6.91 million
options on July 30, 2010 at an exercise price of $0.105 per share, which
includes 0.635 million options granted to employees and 6.275 million options
granted to directors of Multiplied. The options have been granted under the
terms and conditions of the Company's approved option plan. The Company has 10%
"rolling" option plan which reserves for issuance on exercise of options a
maximum of 10% of the number of common shares of the Company outstanding from
time to time.
On August 3, 2010, the Company announced the first implementation of their
Email-on-the-Go (EGO) product with Philippines-based Globe Telecom. EGO, which
offers consumers the most advanced and easiest to use clientless push email
service available on the market today, was launched to over 20 million Globe
customers.
Also on August 3, 2010, a gas price feature was added to Poynt for iPhone. The
popular feature on Poynt for BlackBerry in the US, which offers users the
ability to search for nearest gas stations or by best price by grade, was
heavily requested by iPhone users.
On August 23, the Company announced that, following the previously announced May
19 agreement, business and restaurant listings from UK-based Thomson Local were
now available to Poynt users in the United Kingdom.
The Company also launched a six-week online and mobile advertising campaign
aimed at increasing user numbers. The campaign has succeeded in increasing user
numbers, specifically on the iPhone platform, and is now among the Top 10 travel
apps on the iTunes store in the U.S. The campaign continues to be optimized to
ensure the greatest possible success.
Growth of the Company's user base continues to happen each and every day and
remains a major priority which is being pursued on a four-prong strategy:
development for additional platforms; distribution through pre-load agreements,
such as those with Cricket Communications and WIND Mobile, are being negotiated
with several other carriers across all geographic regions; marketing and
advertising to attract and retain new users; and, business development deals in
new geographies and for additional content.
The focus on achieving advertising revenue continues to be at the forefront of
the Company's efforts, which are starting to gain traction and resulting
revenues are being seen. The direct advertising channel has resulted in two
signed campaigns. The first, a four-week trial campaign by Days Inn resulted in
a renewed campaign for an additional two months. The second, from an advertiser
in the Quick Serve Restaurant (QSR) industry, is scheduled to run in the coming
weeks. The advertising team continues to build relationships with brand
advertisers and additional campaigns are expected.
The indirect advertising channel, primarily consisting of advertising networks,
is providing additional ad revenue with ads aggregated from advertisers wishing
to participate in ad campaigns across multiple ad publishers. The team continues
to manage those relationships and work towards a higher fill rate. Early results
have been very encouraging and have exceeded internal expectations.
Development of Poynt for J2ME is complete and is now in testing. Upon completion
of testing, Poynt will be delivered to two US carriers for certification on
their networks, following which, the application will be available for
subscribers on non-smartphone devices, which make up approximately 80 percent(i)
of cellular customers in the United States. Development also continues for
Windows Mobile and both platforms are expected to be available to consumers
during Q4.
The development team continues to work towards creating feature parity among the
platforms. This includes a localized version of Poynt for iPhone and Android in
Germany, Italy, France and Spain and the addition of augmented reality to Poynt
on the Android. In addition, the development team has been working on upgrading
Poynt in response to the introduction of new devices and operating systems for
existing platforms.
The Company has been approached with several opportunities relating to platform,
content and geographic expansion. The management team is evaluating these
opportunities for future growth, taking into consideration costs, revenue
opportunities and user growth.
The cumulative user base increased 91% from 1,648,896 on December 31, 2009 to
3,155,431 on June 30, 2010. For the three months ended June 30, 2010, there was
an average of 8,224 new users added per day, increasing the number of users from
2,407,023 to 3,155,431. As of August 29, 2010, Poynt's unique user base totaled
3,678,340 across all three platforms.
(i) ComScore MobiLens December 2009
About Multiplied Media Corporation
Multiplied Media (www.multiplied.com) develops and operates mobile applications
that enhance the consumers' ability to connect with the people and businesses
most important to them. Their multi-award-winning application Poynt
(www.poynt.com) is a mobile local search service available over BlackBerry
smartphones, iPhone and iPod Touch as well as Android devices. Through
agreements with directory and vertical content providers in Canada, the United
States and Europe, Poynt simplifies finding and connecting with businesses,
retailers and events wherever and whenever it is most convenient for the
consumer. The MyInboxNow offering enables low-end feature phones to behave like
smartphones for email access. MyInboxNow is available to mobile operators as a
private label solution. Headquartered in Calgary, AB, Canada, Multiplied Media
trades on the TSX Venture Exchange under the symbol MMC.
Forward-looking Statements
This news release contains forward-looking statements relating to: development
for additional platforms; distribution through pre-load agreements; business
development in new geographies and for additional content; attracting and
retaining new users; securing and increasing advertising revenues from new ad
campaigns; delivery of Poynt for J2ME and Windows Mobile; achieving feature
parity amongst platforms; continued content and geographic expansion; and other
statements that are not historical facts. Such forward-looking statements are
subject to important risks, uncertainties and assumptions. The results or events
predicated in these forward-looking statements may differ materially from actual
results or events. As a result, you are cautioned not to place undue reliance on
these forward-looking statements.
These forward-looking statements are based on certain key assumptions regarding,
among other things: future technological developments; the cost of expanding
product lines; the impact of increasing competition; the continuity of existing
business relationships; conditions in general economic and financial markets;
the ability to complete previously announced transactions; ability to obtain all
necessary regulatory approvals; and our ability to obtain financing on
acceptable terms. Material risk factors that could cause actual results to
differ materially from the forward-looking information include, but are not
limited to: the deteriorating economic and market conditions that could lead to
reduced spending on information technology products; competition in our target
markets; potential capital needs; management of future growth and expansion; the
development, implementation and execution of the Company's strategic vision;
risk of third-party claims of infringement; protection of proprietary
information; customer acceptance of the Company's existing and newly introduced
products; and the success of the Company's brand development efforts; risks
associated with strategic alliances; reliance on distribution channels; product
concentration; need to develop new and enhanced products; failure to obtain
necessary regulatory approvals; potential product defects; our ability to hire
and retain qualified employees and key management personnel; and risks
associated with changes in domestic and international market conditions and the
entry into and development of new markets for the Company's products.
The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, the Company disclaims
any intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on expectations
of, or statements made by, third parties in respect of the forward-looking
statements identified above.
The BlackBerry and RIM families of related marks, images and symbols are the
exclusive properties and trademarks of Research In Motion Limited. Apple App
Store and iPhone are trademarks of Apple Inc., registered in the U.S. and other
countries. Windows is a registered trademark of Microsoft Corporation in the
United States and other countries.
Multiplied Media Corporation (TSXV:MMC)
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