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Mijem Newcomm Tech Inc. Provides Corporate Update

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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

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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

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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.

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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]

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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.

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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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139466

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Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund

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Helsinki-based Equilibrium Ventures (EQV), a new seed-stage venture capital fund focused on the crypto sector, has successfully closed the first round of its €30 million fund, raising €6 million from limited partners (LPs). This milestone highlights growing interest in blockchain startups and a promising future for the European crypto ecosystem.

The fund is led by an experienced team of partners: Mika Honkasalo, Henrik Sundvik (formerly of Bain & Company), and Christopher Ahn (ex-Molten Ventures investor). Equilibrium Ventures aims to attract and support founders with deep technical expertise in blockchain technologies, covering areas such as zero-knowledge proofs and smart contracts, essential for developing advanced blockchain solutions.

Equilibrium Ventures has attracted a diverse group of backers, including strategic investors, family offices, and notable LPs like Sebastien Borget, co-founder of the metaverse platform The Sandbox. This support underscores the fund’s credibility and signals growing confidence in crypto investments despite recent market challenges.

Dedicated to crypto infrastructure, Equilibrium Ventures emphasizes rigorous technical due diligence and value addition for pre-seed and seed engineering firms. With a network of about 70 blockchain engineers, mainly based in Europe, the fund is well-positioned to help startups develop robust blockchain technologies.

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The renewed interest in venture capital investment in blockchain, bolstered by evolving regulatory landscapes in the US and Europe, is expected to increase investor confidence in the crypto sector. Equilibrium Ventures, with its technical expertise and strategic support, is poised to become a significant player in Europe’s crypto venture scene.

Looking ahead, Equilibrium Ventures aims for a second close by the end of this summer, targeting 80% of the total fund. This progress indicates strong momentum and the potential for significant contributions to the European blockchain ecosystem.

Source: arcticstartup.com

The post New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund appeared first on HIPTHER Alerts.

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Blockchain

Riot Platforms Acquires 14% Stake in Bitfarms Ltd.

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Riot Platforms, Inc. has announced its acquisition of a 14% stake in Bitfarms Ltd., as detailed in a recent press release by Riot Platforms. This move aligns with Riot’s strategy to influence corporate governance within Bitfarms.

Acquisition Details

On June 13, 2024, Riot Platforms purchased 1,432,063 common shares of Bitfarms Ltd., representing about 0.35% of Bitfarms’ issued and outstanding common shares. The shares were bought on the Nasdaq Stock Market and other open markets at an average price of approximately $2.70 per share, totaling $3,870,293.46.

Before this acquisition, Riot held 56,194,973 common shares of Bitfarms, equating to 13.65% ownership. With the new shares, Riot now holds 57,627,036 common shares, resulting in a 14% stake in Bitfarms.

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Strategic Intentions

Riot Platforms intends to call a special meeting of Bitfarms’ shareholders to nominate several independent directors to the board, citing concerns over Bitfarms’ corporate governance. Riot seeks to influence Bitfarms’ strategic direction and enhance its governance standards.

Riot is continuously reviewing its investment in Bitfarms and may adjust its position based on factors such as market conditions and the company’s financial status. Potential actions include increasing or decreasing its stake, entering into hedging transactions, or proposing additional strategic measures.

Forward-Looking Statements

The press release includes forward-looking statements subject to risks and uncertainties, reflecting Riot’s current expectations and assumptions. Riot cautions investors to consider these risks before making investment decisions.

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Riot’s vision is to become the leading Bitcoin-driven infrastructure platform, focusing on a vertically integrated strategy with Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.

Source: blockchain.news

The post Riot Platforms Acquires 14% Stake in Bitfarms Ltd. appeared first on HIPTHER Alerts.

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Blockchain

Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation

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The Manta Foundation has launched its $50 million EcoFund to build a robust ecosystem for leading blockchain projects, as per Manta Network. This initiative demonstrates the foundation’s commitment to funding opportunities and developer support for innovative blockchain ventures.

Funding and Support Opportunities
Starting June 15th, the one-year EcoFund will offer significant financial support through its Ecosystem Grant Program, which provides early-stage projects with grants of up to $50,000. This initial funding is crucial for bringing innovative ideas to life.

Additionally, the EcoFund dedicates $35 million for direct investments in promising projects on the Manta Network. These strategic investments aim to foster high-growth ventures that align with Manta Network’s long-term objectives, promoting a collaborative and mutually beneficial environment.

Diverse Project Focus
The Manta Foundation supports a broad range of projects across sectors such as DeFi, Gaming, NFTs, and more. These initiatives are chosen for their potential to drive consumer adoption and significantly enhance the Manta Network ecosystem.

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Applications for the EcoFund are accepted on a rolling basis, ensuring ongoing funding and support opportunities. The foundation prioritizes projects with robust business models and scalability, aiming to ensure the ecosystem’s financial health and sustainability.

Specialized Funding Categories

In addition to general grants, the EcoFund targets specific high-growth areas:

– AI/DePIN: Focused on using AI and Decentralized Physical Infrastructure Networks for sustainable solutions.
– Zero-Knowledge: Investments in zero-knowledge technology to boost privacy and security in the blockchain space.
– Memecoins: The Moon Mission Grant supports the development and growth of meme projects on Manta Pacific, fostering a vibrant memecoin culture.

Events and Hackathons
To further enrich the ecosystem, the Manta Foundation has allocated $5 million for online and offline events and hackathons. These events aim to attract new developers and users, fostering a culture of innovation and collaboration within the Manta Network community.

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Source: blockchain.news

The post Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation appeared first on HIPTHER Alerts.

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