VANCOUVER, BC — (Marketwired) — 07/28/16 — Fundamental Applications Corp. (“Fundamental” or the “Company”) (CSE: FUN) (FRANKFURT: 2FA) (OTCQB: FUAPF), a leading developer of innovative smartphone applications targeted toward millennials, announces the signing of a Letter of Intent (the “LOI”) in principle to acquire 100% of Opinit LLC.
Opinit LLC is a Delaware organized, Los Angeles-based technology company that has developed and launched a web content sharing platform and emotions-based content discovery algorithm with approximately 30,000 users in United States and Europe. Co-founder and former Opinit CEO Paolo Fidanza (international technology entrepreneur formerly Lotus, PriceDoc, JP Selects, Pinot Corporation) will join the Board of Directors of Fundamental Applications Corp as Chief Strategy Officer, and co-founders Brandon Korff (entertainment and music executive formerly MTV Networks and National Amusements, parent company of Viacom, CBS and Shady Records) and Qualid Ladraa (fashion and technology entrepreneur formerly Guess, Ed Hardy, Germany Next Top Model, JP Selects) will join the advisory Board of Fundamental.
With this acquisition of Opinit, the Fundamental applications portfolio will exceed a combined 210,000 users.
“Opinit is a world-class app led by an incredible management team, and we are delighted to have them join the Fundamental family” states Fundamental CEO Brad Moore “Combining Opinit–s ability to create unique emotion rated content and sharing with Foro–s buy/sell platform will provide university students around the world with an unparalleled online content creation experience related to every aspect of their campus life.”
Opinit CEO Paolo Fidanza also stated, “Over the past three years we have developed some innovative technology to facilitate the sharing of web content from a mobile device to friends, families, and followers. These technologies were aimed at university students around the world, and now under the Fundamental umbrella we will be able to fast track the platform adoption and users growth.”
“We are very excited to be able to integrate our unique technologies with the Foro transactional platform to be able to offer a unique end-to-end experience to university students,” added Q Ladraa. “There is simply no other platform in the marketplace that can offer the same experience that Opinit and Foro combined will be able to.”
Fundamental and Opinit have entered into the LOI setting out the material terms and conditions pursuant to which the proposed transaction will be completed. The Transaction is subject customary conditions and the parties negotiating and entering into a definitive share exchange agreement where it is anticipated that Fundamental will issue up to 7,500,000 shares of the Company in exchange for 100% of the issued shares of Opinit, subject to regulatory approvals as may be required. Certain number of the payment shares will be subject to performance criteria required to be met by Opinit.
Fundamental Applications Corp. (CSE: FUN) (FRANKFURT: 2FA) (OTCQB: FUAPF) designs, develops, markets, and acquires innovative mobile applications targeted at the “Millennials” generation, people born in an age of digital technology, internet access, and smart phones. This demographic is an early adopter of mobile technology, has significant discretionary income, and is lifestyle driven with a willingness to try new things. Fundamental–s three leading mobile platforms are Foro, a peer-to-peer mobile ecommerce marketplace; Truth, a one-to-one anonymous messaging app previously listed in the top 100 social networking apps in the Apple App Store; and Serum, an app that enables users to post questions to their friends and receive answers anonymously.
For more information about Fundamental Applications Corp, visit online at , or review its company profiles on the SEDAR website () and on the CSE website (). To schedule an interview, please contact:
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Fundamental. Forward-looking information is based on certain key expectations and assumptions made by the management of Fundamental. Although Fundamental believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Fundamental can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Fundamental disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Bradley Moore
Chief Executive Officer
Telephone: 514.561.9091
Email:
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