Friendable Inc (OTCMKTS:FDBL) shares were up 6.27% on Wednesday to $0.00390 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $2.59 million at 663.55 million shares outstanding.
Friendable Inc is a company that is engaged in the development and dissemination of a proximity-based mobile social media application that facilitates connections between people, utilizing global positioning system and localized recommendations. Its location-specific platform offers a discovery application that facilitates communication between two or more users on a one to one meeting or group style event-based meet ups for concerts, sporting events, coffee, movies and night out, among others.
In its press release, Friendable Inc announced that it is negotiating the acquisition of specific technology that can allow the company to extend its brand and monetize the app. In particular, it believes that this technology will allow it to execute a multiple channel revenue model that has the potential for a high conversion rate based on its target audience and demographic.
We are viewing this opportunity in two parts, an extension of the Friendable app and the next generation of the Friendable brand,” stated Friendable Inc CEO Robert A. Rositano Jr. “As we review the first three quarters of the year, we must attribute app download surges to our various celebrity initiatives and relationships to date.”
He mentioned that Friendable Inc appeared in the music videos of Jennifer Lopez, Redfoo, Fifth Harmony & Fetty Wap, and Daya. Because of that, the company was able to analyze these initiatives to understand what it could mean for them to deliver a unique offering and experience to each celebrity’s fan base. The company will continue to provide updates on the negotiations in the coming days, and positive news could bring additional value to its stock.
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