LAS VEGAS, Oct. 18, 2013 (GLOBE NEWSWIRE) -- Xumanii (OTCQB:XUII) announced that it will change its name to Imerjn. The change of name will only be a DBA (doing business as) of the existing name and will not result in a change in the Company's symbol. The Company intends to register the DBA with the Nevada Secretary of State within the next two days. Future references to the Company will be made using the name Imerjn.
Imerjn CEO, Adam Radly, said, "The name will be our brand so we wanted a name that was original and reflected the personality of the company going forward as well as the products that we will develop. The name is a play on the word immersion. We are transitioning into a new world where we will be even more immersed in technology and the technology will be so intelligent you won't know it's there. That's the technology and market segment that we will be targeting."
The Company also launched its new website today (www.Imerjn.com). The information on the website is currently limited but will be expanded significantly over time. Effective immediately the old website will only serve as the website for the Xumanii live event streaming business unit. Information for investor relations will not be provided on the old website and will only be provided on the new website. Any shareholder enquiries should be directed to the new website.
The Company will also take this opportunity to provide more detail regarding its short and long term strategy. Imerjn will focus on developing mobile solutions including mobile apps and the core focus will be on mobile solutions for asset tracking. The Company will seek to differentiate itself by utilizing RFID and other tracking technologies.
The market for apps is large and growing. According to research released by Gartner in September 2013, current trends in smartphone adoption will drive 102 billion app store downloads this year. 90 percent of them will be from Apple's App Store and Google Play. This will lead to global app revenues of $26 billion in 2013. By 2017, Gartner projects that there will be 268 billion downloads annually, amounting to $77 billion in revenue. Downloads will grow 2.6 times in the next four years, while revenues are increasing 2.9-fold.
Management is also actively pursuing acquisition opportunities that are a direct fit with the current business strategy; however, management also recognizes that the Company has some early stage business units and has limited resources so the Company intends to be "opportunistic" when it comes to assessing acquisition opportunities.
Where possible management will provide metrics that will allow shareholders to track value creation. The medium term strategy involves building Imerjn into a respected consumer brand and eventually seeking a listing on the NASDAQ or NYSE.
Imerjn CEO, Adam Radly, said, "We will provide frequent updates regarding the development, release and uptake of our products."
On Friday October 11, Xumanii won a motion to be dismissed from a lawsuit filed against it and various other Defendants.
About Imerjn
Imerjn (XUII), formerly known as Xumanii International Holdings Corp, is development stage company that develops and sells mobile software and hardware solutions. For more information please visit the company website at: http://www.imerjn.com. Contact: Adam Radly, info@imerjn.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.