Vancouver, British Columbia, Canada, June 13, 2016 - Fundamental Applications Corp. (“Fundamental” or the “Company”) (CSE: FUN, FSE: 2FA, OTCQB: FUAPF), a leading developer of innovative smartphone applications targeted toward millennials, announces the June target user install update of its revolutionary Foro Student Marketplace app by Foro Technologies Inc., the Company’s wholly owned subsidiary, as at June 7, 2016.
Foro Technologies Inc. has achieved 50,000 android app and 15,000 iOS installs for a total of 65,000 Foro app installs.
“By achieving our June user target three weeks early, the Fundamental story gets more exciting every day,” states Fundamental CEO Brad Moore. “This summer we will continue our explosive growth, improve the app experience and focus on partnerships at the NCAA school and conference level.”
Fundamental CEO Brad Moore will be interviewed by U.S.-based ‘NewToTheStreet’s’ T.V. and broadcast to a national U.S. television audience of up to 100 million homes in early July 2016. The Foro Student Marketplace app is leading a revolution in localized buying and selling behaviour on campuses. The Foro app provides users with a fun, easy, and safe experience to turn things they don’t need or want into cash. With the Foro app, users can transact business with trusted individuals, many of whom they may know personally as classmates or through social media, all located at the same campus.
In other corporate news, the Company has closed a non-brokered private placement issuing 900,000 units at a price of $0.18 per unit for gross proceeds of $162,000. Each unit consists of one (1) common share and one (1) common share purchase warrant, whereby each warrant entitles the holder to purchase one additional common share of the Company for a period of five (5) years at an exercise price of $0.30 per share. The securities distributed pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance. Proceeds from the private placement will be used for general working capital and corporate purposes. No finders’ fees were paid in connection with the private placement.
About Fundamental Applications Corp.
Fundamental Applications Corp. (CSE:FUN FSE: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 www.FunAppCorp.com, or review the Company’s profiles on the SEDAR website (www.sedar.com) and on the CSE website (www.thecse.com). To schedule an interview, please contact:
Chief Executive Officer
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.
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