NEW YORK, June 20, 2024 /CNW/ - MiMedia Holdings Ltd. (TSXV: MIM) ("MiMedia", "Company") is pleased to announce a signed global Distribution Agreement (the "Agreement") with Schok, LLC ("Schok").
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Founded in 2018 and headquartered in Frisco, Texas, Schok is a pioneer in the smartphone industry with a mission to redefine the market for entry-level smartphones. Schok aims to bridge the gap between affordability and functionality with smartphones that feature cutting-edge technology typically reserved for higher-priced devices but now accessible to a broader audience. Their smartphones are designed to offer exceptional quality, modern design, state-of-the-art software and robust performance capabilities at competitive prices, providing consumers with high-quality alternatives to the more costly options currently available.
MiMedia is a next generation consumer cloud platform that partners with smartphone makers and telecom carriers globally to provide their 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 part of the multi-year Agreement, MiMedia will integrate its platform directly onto 5 million mobile devices over the next 24 months, including smartphones and tablets. MiMedia's consumer cloud platform will provide Shock with a churn-reducing product, deliver immediate market differentiation and enable multiple high-margin and recurring revenue streams.
"Shock is excited to partner with MiMedia and deliver its unique, best-in-class consumer cloud value proposition to our consumers. MiMedia fits right into our strategy of providing exceptional software, important and high value propositions and high-quality smartphones at a great price. We love what MiMedia has built, and we believe our consumers will also love it", said Sam Gutiérrez, CEO of Schok.
"We are thrilled to partner with Schok, a proven provider of high-quality smartphones for the US market and look forward to launching with them in the US. This agreement marks our first entry into the US market, which offers the most attractive and scalable business model dynamics than any other market in the world. We believe this partnership will result in attractive revenue and cash flow opportunities for both companies. With this new partnership, MiMedia adds to its total contracted devices to deploy in the next 24 months - now standing at 35M. We expect solid and growing device deployments in the 2H of this year, which is the busy season for smartphone volume in any calendar year. These device deployments will bring scaling revenue and cash flow", said Chris Giordano, CEO of MiMedia.
About Schok LLC: Schok, LLC is dedicated to creating innovative, high-quality smartphones that are accessible to everyone. By combining advanced technology with competitive pricing, Schok is set to redefine the standards of the smartphone industry.
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.
