Blockchain
Mijem Newcomm Tech Inc. Provides Corporate Update
New Features and Functionality with Targeted Marketing Expected to Drive User Growth and Future Monetization
Toronto, Ontario–(Newsfile Corp. – October 4, 2022) – Mijem Newcomm Tech Inc. (CSE: MJEM) (“Mijem” or the “Company”), a social media and technology company, is pleased to provide a corporate update for investors and key stakeholders.
Over the last six months, management has remained focused on two key growth initiatives: The expansion of the capabilities and features of the Mijem app, and the re-establishment of its pre-pandemic user acquisition success. Following conversion rate testing of its strategic marketing acquisition initiatives, the Company is ready to drive user growth, which in turn will lead to monetization and future revenue contribution.
“Mijem has made solid progress post the pandemic,” said Laurie Freudenberg, CEO of Mijem. “Through our understanding of the evolving student market as well as user feedback, we are adding new features, and app download growth tells us that the improvements we’re making to the app and our marketing strategy are both working. We expect to see continued strong download growth through the end of the year as Mijem continues to develop brand awareness among North American college and university students.”
Expanded Mijem Offering
The Mijem app was originally released to the college / university market in 2017 and was focused on providing college students the ability to buy and sell items with their peers on campus. Mijem quickly grew across over 70 campuses and was ranked as a leading app on both iOS and Android. However, like many businesses, in April of 2020, the pandemic stopped that growth as students stayed home, tempering the use of the app’s core buy/sell marketplace.
Anticipating that students would likely not return to campuses at scale until January 2022, Mijem began developing new features and functionality to re-launch the app, rebuild the user-base, and position the app to generate future revenue.
Through a partnership with HandCash, we added an enhanced crypto wallet that is seamlessly integrated into the Mijem app. The wallet allows users to easily participate in the Company’s previously announced Bitcoin SV (BSV) loyalty program, where they can convert rewards earned on our platform into BSV crypto. We are in the process of adding partners and developing a new discovery feature that will allow our users to search for and find other BSV platforms such as games or apps where they can use their BSV. For many Mijem users, this is their first crypto wallet and is a great way for them to start to build a crypto portfolio.
The Company is planning to add more features that improve user experience and maximize revenue streams. The features will continue to be tailored to students, expanding the resources and functionality in the app to include areas such as entertainment, housing, career, financial and wellness. These enhanced features will help make Mijem an essential student application for all of their daily wants and needs.
Re-Establishing Pre-Pandemic Growth
With the new features and functionality roadmap in place, the Company began evaluating subscriber growth and transaction metrics to determine how to accelerate users back onto the platform. In its first 3 months of 2022, the Company saw app downloads grow 20% over the previous year period. This confirmed Mijem’s product market fit and that the Company’s refreshed go-to-market digital initiatives were working, giving us increased confidence to accelerate our scaling efforts. The Company is now pleased to announce that, based upon our 2022 marketing plan, we believe we can achieve triple digit download growth for the 2022 calendar year compared to the 2021 calendar year.
Second, we are pleased to share that as we scaled, our cost per download consistently achieved the $5.00 target we previously communicated. Furthermore, the percentage of our installed user base who continue to download and activate each new version of the app, confirms the utility and stickiness that Mijem’s app offers and heightens our confidence that we can expand our student audience on the app. Thus, going forward, we plan to increase our budget to onboard more users.
Path to Revenue Generation
To reiterate, post-pandemic, the modifications and feature additions to our app combined with our customer acquisition program have resulted in significant download growth thus far in 2022. We are confident in our growth model, having re-established our pre-pandemic momentum and product market fit. We also believe we are well positioned to capitalize upon new revenue streams, which could include affiliate marketing partnerships, brand sponsorship and in-app advertising opportunities, as well as other strategic partnership revenue sharing opportunities.
As Mijem continues to attract users to its app through its systematic and proven acquisition model, Mijem believes we will eventually achieve sufficient scale to add affiliate partnerships and sponsorships that resonate with our target market to generate additional revenue.
And to support these efforts, Mijem recently announced a non-brokered financing for $750,000 with a lead order from an existing investor for $250,000. This financing would be used to increase marketing and drive user growth as well as increase partnerships and sponsors that will drive future revenue.
About Mijem Newcomm Tech Inc.
Mijem is a Canadian-based social media and technology company that provides innovative solutions to create a vibrant social marketplace for Generation Z to connect and to efficiently buy, sell and trade goods and services. Mijem’s patent-pending flagship technology currently permits thousands of university and college students across the United States and Canada to both connect on-line and engage in consumer-to-consumer commerce.
For further information, please contact:
Laurie Freudenberg
Chief Executive Officer
Mijem Newcomm Tech Inc.
[email protected]
Sean Peasgood
Investor Relations
[email protected]
437-253-9222
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
Forward-looking information in this news release is based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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