Mindpix (MPIX) Files Annual Report & Provides Update to Shareholders Regarding Bus. Objectives for Operations, Client Acquisi...
April 16 2014 - 9:05AM
Marketwired
Mindpix (MPIX) Files Annual Report and Provides Update to
Shareholders Regarding Business Objectives for Operations, Client
Acquisition and Generating Revenue
MIAMI, FL--(Marketwired - Apr 16, 2014) - Mindpix Corporation
(OTC Pink: MPIX) (PINKSHEETS: MPIX) ("Mindpix" or the "Company"), a
technology driven media services and entertainment company focused
on owning, creating and/or managing multi-platform music,
entertainment, sports and US Hispanic properties, today announced
that the Company has filed with OTC Markets its unaudited financial
statements for the year ended December 31, 2013, and has released
the following update to its shareholders:
2013 was a significant year of growth and transition for
Mindpix. Four months into 2013, a new management team headed by the
Company's current Chief Executive Officer and President, Victor
Siegel, began to transform and chart a new direction for Mindpix
which included: an enhanced digital strategy focused on the high
value and high margin streaming and media services business; full
transparency to shareholders; and the establishment of a strong and
solid corporate foundation for growth and revenue generation.
Siegel and his executive management team have made consistent
significant strides from May throughout the balance of 2013 and
2014 to aggressively clean up the Company's balance sheet, improve
its capital structure and position the Company for long-term
sustainable revenue growth.
Operational and Financial Highlights of the Year Ended
December 31, 2013
- Current status on the OTC Markets exchange was achieved in
August 2013.
- Total operating expenses decreased 80% to $1.15 million from
$5.74 million in fiscal 2012. The majority of this improvement was
the result of an 81% decrease in combined consulting fees,
professional fees, and compensation from December 31, 2012
levels.
- Since December 30, 2012, an estimated 469.55 million common
shares were issued, while an estimated 674 million common shares
were returned to the treasury, creating a significant reduction in
the Company's shares outstanding.
Victor Siegel, Chief Executive Officer and President of Mindpix
Corporation stated, "Bringing MPIX current and compliant with OTC
rules was a monumental task that needed to be completed in order to
have a foundation for our business. We now have that
foundation. Mindpix's management team and our team of legal
and financial consultants dedicated themselves to auditing,
restructuring and optimizing the Company's financial state and
achieved significant progress in 2013 including reducing total
operating expenses by 80%. In the fourth quarter of 2013, we began
the important transition to productizing and monetizing our
services to drive revenue growth and long-term shareholder value.
We can't thank them enough for their efforts in leading this
mission."
Mr. Siegel continued, "Over the past several months and with
increasing frequency, we've announced a number of world-class,
industry leading hires, strategic advisors, services and
partnerships. Additional highlights include the completion of our
financials, the opening of our new office in Nashville, and the
addition of two major customers -- Spring Awakening Music Festival
2014 and Golden Trailer Movie Awards. All of our efforts are
laser-focused on driving long-term revenue growth and shareholder
value. We expect to begin generating meaningful revenue from
customers by the end of Q2 2014 and estimate the Company will be
able to achieve 15 to 20 retained, fee-paying and/or
revenue-sharing customers by December 31, 2014. This forecast is
based upon a forecasted 26% to 36% conversion rate among our
current active new customer pipeline of 50+ projects as of today's
date. These clients cover the full range and spectrum of our
capabilities in PPV (pay-per-view), ad sponsor, and
subscription-based live and VOD (video on demand) streaming events,
as well as core media services across our 4 business
verticals.
"I am very proud of what has been achieved over the last year,
from the auditing of our financial statements and filing a Form
10-K with the Securities & Exchange Commission, to creating an
environment where Mindpix is increasingly being evaluated and
considered to provide live and VOD streaming services for
marquis events and major media services programs. Our new business
efforts have yielded a robust and growing pipeline of revenue
opportunities across many customers and categories. Part of
completing this transition there were many one-time expenses that
have been addressed and that will not be recurring to the
Company. As Mindpix continues to transition to a revenue
generating company, I can promise that we will continue to seek to
optimize margin, reduce expenses and maximize the return on
investment."
Mr. Siegel added, "In closing, we are confident Mindpix has the
media services offering, top-line revenue generating strategies,
staffing and pipeline of revenue-generating live and VOD events to
become the ultimate provider of media services to music,
entertainment, sports, and U.S Hispanic media properties worldwide.
We are moving steadfast towards this goal. On behalf of the
Company, I wanted to thank our shareholders for their continued
support. We look forward to sharing in our successes with you all
as we move Mindpix forward."
About Mindpix Corporation Mindpix Corporation (OTC Pink: MPIX)
is a technology driven multi-platform media company focused on
owning, creating and/or managing multi-media entertainment and
sports and US Hispanic properties across the globe. Through a
unique eco-system, MPIX provides the critical on-line video
technology, production, digital marketing, audience development,
payment services, sponsor acquisition, digital and traditional
media distribution services to drive revenue for live and VOD
(video on demand) events globally.
MPIX disclosure and financial information is published on OTC
Markets and can be found at the following site:
http://www.otcmarkets.com/stock/MPIX/filings/
This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and as such, may involve risks and
uncertainties. These forward looking statements relate to, amongst
other things, current expectation of the business environment in
which the company operates, potential future performance,
projections of future performance and the perceived opportunities
in the market. The company's actual performance, results and
achievements may differ materially from the expressed or implied in
such forward-looking statements as a result of a wide range of
factors.
Company contacts: Reina Ziegler info@mpixcorporation.com
Investor Relations: Howard Gostfrand info@amcapventures.com
305.918.7000