Vancouver, British Columbia, Canada, July 28, 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 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 firm that has developed and launched a mobile web content sharing platform. The Opinit application totes an emotions-based content discovery algorithm that hosts nearly 30,000 users across the United States and Europe. Co-founder and former Opinit CEO Paolo Fidanza (technology entrepreneur formerly with Lotus, PriceDoc, JP Selects and Pinot Corporation) will join the Company’s Board of Directors and as Chief Strategy Officer. Opinit advisor Brandon Korff (entertainment and music executive formerly with MTV Networks, National Amusements – majority shareholder of Viacom, CBS -, and Shady Records) and Opinit co-founder Qualid Ladraa (fashion and technology entrepreneur formerly with Guess, Ed Hardy, Germany’s Next Top Model by Heidi Klum and JP Selects) will both join the Company’s Advisory Board.
With the acquisition of Opinit, the Fundamental applications portfolio will approach a quarter of a millionusers.
“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 it 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 a truly innovative technology which facilitates the sharing of web content on a mobile device in a new, fun and convenient way. Since our inception, students have been a huge voice within the Opinit community. Now, under the Fundamental umbrella, we will fast track platform adoption and user growth.”
“We are very excited to integrate our unique technologies with the Foro transactional platform and offer a unique end-to-end experience for university students,” added Qualid Ladraa. “There is simply no other platform in the marketplace that can offer the kind of experience that Opinit and Foro will provide.”
About the Proposed Transaction
Fundamental and Opinit have drawn up an LOI, setting out the material terms and conditions pursuant to which the proposed transaction will be completed. The transaction is subject to customary conditions, as well as the two parties negotiating and consequently entering into a definitive share exchange agreement, pursuant to which it is anticipated that Fundamental will issue up to 7,500,000 common shares of the Company in exchange for 100% of the issued shares of Opinit. The transaction is subject to regulatoryapprovals as may be required. Certain percentages will be due at signing, while other percentages of the payment shares will be subject to performance-based criteria required to be met by the Opinit team.
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 SerumTM, 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
Email: [email protected]
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. The Company has no intention or obligation to update or revise any forward looking statements due to new information or events.
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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