NEW
YORK, Dec. 5, 2022 /CNW/ - MiMedia
Holdings Ltd. (TSXV: MIM) "MiMedia", or the "Company") is pleased
to announce a signed Distribution Agreement (the "Agreement") with
Altán Redes in Mexico
("Altán").
Backed by the Mexican government, Altán is the largest wholesale
network provider in Mexico with a
consortium of over 60 Mobile Virtual Network Operators ("MVNOs") as
its customers, including the country's main telecommunications
operators and retail distributors. Altán's mission, in
partnership with the Mexican government, is to make excellent,
high-speed network connectivity and Internet available to everyone
in the country. Based on the total subscribers served by its
MVNO customer base, Altán is the third largest network provider in
Mexico.
MiMedia is a next generation consumer cloud platform that
partners with smartphone makers and telecom carriers globally to
provide their partners' consumers with a unique personal cloud
experience that enables all types of personal media to be secured
in the cloud, accessed seamlessly, across all devices and operating
systems and at any time.
As a partner, MiMedia's consumer cloud platform will provide
Altán's expansive network of MVNOs with a sticky or churn-reducing
product, immediate market differentiation and multiple high-margin,
recurring revenue streams. As part of the multi-year
Agreement, MiMedia will integrate its platform onto a projected 5
million mobile devices over the course of two years.
"The signed Agreement with Altán represents another key
partnership win in the strategic and large market of Latin America and one of the continent's
largest markets in Mexico. We are thrilled to be part of
Altán's important mission in Mexico and soon be able to go-to-market with
its largest and fastest growing MVNOs. MiMedia is now
partnered with two of the top three telcos in Mexico, representing 70%+ market share, and
its partners represent 60% of the overall LATAM market, which
consists of 650M people and 500M+
smartphones in total.
With this new partnership and others recently announced,
MiMedia's platform is now contracted to deploy on 20 million
devices over the next two years. This total represents
significant user growth, achieved in a short period of time, that
we believe can translate into strong revenue and cash flow
growth. We are excited about this growth potential and
building further on our momentum", says Chris Giordano, CEO of MiMedia.
About Altán: Altán is a Mexican private company that
develops and operates The Shared Network, the most important
project in telecommunications in Mexico. It has deployed a state-of-the-art
infrastructure to provide coverage to up to 79 million Mexicans,
including an energetic nationwide program of social coverage
deployment to areas of high marginalization and digital exclusion,
with the purpose of covering almost 100,000 localities with less
than 250 people and more than 20,000 localities with less than
5,000.
The technical capabilities and services experience of
Altán-The Shared Network are developed using 4.5G LTE technology
over the 700 MHz spectrum, are currently the best offered,
according to independent quality ranks published on the mobile
market in Mexico. Under a
wholesale business model, it has more than 60 operators as
wholesale clients, including the country's main telecommunications
operators and retail distributors, who sell the network's services
to the final customers.
Altán-The Shared Network is developed under a Public-Private
Partnership (PPP) contract with the Mexican Government to promote
the vision of achieving a better and more connected country for its
people, bringing Internet to everyone in the country. Altán's
commitment is to reach at least 92.2% of the Mexican population by
2024.
About MiMedia: MiMedia Holdings Inc provides a
next-generation consumer cloud platform that enables all types of
personal media to be secured in the cloud, accessed seamlessly at
any time, across all devices and on all operating systems. The
company's platform differentiates with its rich media experience,
robust organization tools, private sharing capabilities and
features that drive content re-engagement. MiMedia partners with
smartphone makers and telecom carriers globally and provides its
partners with recurring revenue streams, improved customer
retention and market differentiation. The platform services
millions of engaged users around the world.
Notice regarding forward-looking
statements: This release includes forward-looking
statements regarding MiMedia, and their respective businesses,
which may include, but is not limited to, statements with respect
to the completion of a Transaction, appointment or any other
decision made by the business. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such statements
are based on the current expectations of the management of MiMedia.
The for-ward-looking events and circumstances discussed in this
release, may not occur by certain specified dates or at all and
could differ materially as a result of known and unknown risk
factors and uncertainties affecting the companies, including risks
regarding the MiMedia industry, failure to obtain regulatory or
shareholder approvals, economic factors, the equity markets
generally and risks associated with growth and competition.
Although MiMedia have attempted to identify important factors that
could cause actual actions, events, or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events, or results to differ from
those anticipated, estimated or intended. No forward-looking
statement can be guaranteed. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and MiMedia undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
SOURCE MiMedia