Eventure Interactive, Inc. Provides Update to Shareholders on Product Advancements, Distribution Plans, Market Outlook and Financing Activities Heading into 2015 Fourth Quarter
Eventure Interactive, Inc. Provides Updates to its Product Advancements; Distribution Roadmap; Market Outlook Opportunity; Most Recent Capitalization Activities; and Plans to Retire its Outstanding Convertible Debt
COSTA MESA, CA / ACCESSWIRE / October 1, 2015 / (EVTI) (OTCQB: EVTI), a social application and technology development Company whose mission is to enrich event participation, today announced general operational updates, addressable market opportunity figures, overview of recent capitalization activities and plans to continue retire its outstanding convertible debt, as part of its on-going commitment of keeping investors informed of its business and executional roadmap.
“We believe that it is important to provide periodic updates during the year to our investors relating to the operational, market opportunity and capitalization aspects to our business. While we are not providing specific guidance on revenue metrics at this juncture, our Team remains committed to our mission of building a self-sustaining enterprise,” stated Gannon Giguiere, Founder of Eventure Interactive, Inc.
Product and Distribution Advancements
The current product roadmap has a scheduled Android, iOS and Web release of the Eventure Service during the holiday season. Users can expect to see several enhancements and new features to the overall Eventure Service. A major feature is a new Gift Card application that leverages our former acquisition of Gift Ya Now, and integrates with Eventure’s Greetings and Invitations engine to allow Eventure users to enhance their event experience by easily sending gift cards to friends, family and acquaintances. This new capability significantly expands our revenue generating opportunities and with the eventual integration of Hush Chat messaging, the vision of a comprehensive event collaboration platform is truly beginning to materialize. Exact specifics of the upcoming product release will be provided in a separate announcement, which is better suited for detailing each feature of the release.
The Company has now been granted two technology patents in the last 13 months – patent #8,769,610 and patent #9,112,913. These patents reinforce the Company’s technology roadmap around mobile ad-hoc networks, and device-to-device connectivity with enhanced privacy and security. The Company will continue to support and explore additional patent claims that are relevant to its business model that also create accretive, strategic value to the company and its shareholders.
During the upcoming months, through 2016 and beyond, the Marketing and Distribution Teams will bolster distribution efforts for greater promotion of the Eventure service. We are currently building out our presence on existing social, portal and affiliate channels that will be leveraged for (1) new user acquisitions and (2) starting in 2016, revenue generation opportunities through the following lines of Eventure business:
– In-app purchasing and subscriptions for Premium Greeting Cards and Invitations
– In-app Gift Card Purchasing
– In-app Game Purchasing
– Local Business Content Sponsorship
Market Outlook, Addressable Market Opportunity and Market Comparisons
Eventure is updating its outlook on its addressable market opportunity and market comps to provide on-going insights into the potential for long-term shareholder value.
The purpose of this information is so analysts and investors following Eventure Interactive, Inc. (EVTI) may evaluate how the Company is considered a disruptive technology play that is focused on connecting people at local events while allowing them to control their privacy and security of shared content.
Market Outlook – The social media industry continues to expand and grow, with a key driver to growth being the proliferation of user-generated content (pictures, videos, comments) from the millions of local events (social events, birthdays, weddings, business events, etc.) taking place every day that are being uploaded and shared among social media companies like Facebook, Instagram, Twitter, YouTube, and others. The market growth continues to fuel opportunities for new and existing companies that provide unique service offerings that meet the ever-evolving needs of social media users.
Addressable Market Opportunity – The Company looks to Facebook as the benchmark for social media users with its 1.49 Billion active users that will be targeted by Eventure Interactive, Inc. Because the Company’s service is focused on helping people connect locally at events with controlled privacy and security, Eventure Interactive, Inc. might be viewed as a niche market play similar to Instagram, which has approximately 300 Million users, or with its focus on privacy and security, it could be considered similar to an up-and-coming company like Snapchat that has 200 Million users. Thus, the addressable market opportunity for Eventure Interactive, Inc. would be considered between 200 Million and 1.49 Billion users depending on how end users adopt and use its platform – either as a niche service or a widely adopted service.
Market Comparisons – Eventure references 3 companies in the market to use as discussion points for possible market comparisons relative to its business model. Facebook serves as the market comparison when being compared to a general, widely adopted social media platform; Instagram serves as the market comparison for a niche social media platform; and Snapchat serves as the market comparison when looking at an up-and-coming social media platform that incorporates privacy and security as part of its technology service.
– Facebook’s current valuation is approximately $250 Billion (at close of day on 9/30/15) and with 1.49 Billion users, which equates to approximately $167.79 per user
– Instagram’s current valuation is approximately $35 Billion and with 300 Million users, which equates to approximately $116.67 per user
– Snapchat was recently valued at $16 Billion in its last investment round and with 200 Million users, which equates to approximately $80.00 per user
Eventure continues to be focused on building out its service to be attractive to users to allow it to sprint towards the goal of 10 Million users within 18 – 24 months, and believes that the market will provide commentary whether it is valued as a widely adopted service, niche service, or up-and-coming service.
Reference Sources:
http://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/
Recent Capitalization Activities
With the recently announced Equity financing with GHS Investments, LLC, the Company has created a Preferred Series B Class of Shares and as a requirement of the GHS Equity Financing, increased its Authorized Shares directly through filings with the State of Nevada, for the utilization of future Equity financing. The Equity Financing arranged through GHS Investments, LLC is of a non-toxic nature and the definitive Agreements were included in the Company’s filed 8/K dated September 23, 2015 with the Securities and Exchange Commission. We encourage all shareholders to read the Agreements thoroughly, thus familiarizing themselves with the exact terms.
Retirement of Outstanding Convertible Debt
The Company continues to work through an organized convertible debt retirement plan and is making progress towards its goal of becoming debt free. As of September 29, 2015, $907,282 in debt has been converted into equity and a balance of $1,457,166 remains. On average, approximately $215,000 in existing debt will be coming due on a monthly basis for the upcoming 6-month period.
Currently, the Company is averaging approximately $2,000,000 in monthly traded dollar volume, thus the existing conversion schedule of debt into equity represents approximately 10% of the current total monthly dollar volume. As previously announced, the Company is currently preparing an S-1 Registration Statement to support the Equity financing put in place with GHS Investments, LLC. The Company anticipates using proceeds from the GHS Investments Equity financing to payoff remaining convertible notes, thus minimizing their potential dilution. Eventure’s goal is to have the S-1 effective within a 60 day time frame, but the process could take longer, depending on the Comment / Amendment process with the SEC.
“With the equity financing being provided by GHS, we are scheduling to begin retiring all remaining convertible debt through far more favorable terms in as early as 60 days from today. Our immediate goal is to leverage this improved equity financing structure and retire all debt from Eventure’s Balance Sheet as quickly as feasible,” said Michael Rountree, Chief Financial Officer of Eventure Interactive, Inc. “While it is not our intention to consume the entire $7.5 million in financing available to us through the GHS Equity Financing, our Board of Directors determined it best to install a larger equity line facility up-front so that the Team can focus solely on executing and not on continual capital raising. Our goal is to focus on quickly growing revenues where we become a self-sustaining company and only tapping into the Equity Financing through GHS on an as-needed basis,” continued Mr. Rountree.
Additionally, the Company has filed an 8-K with the Securities and Exchange Dated October 1, 2015 detailing the existing capitalization structure to provide a month-end snapshot.
About Eventure Interactive, Inc.
Eventure’s business is to connect people locally for controlled sharing of their lives.
Every day, millions of people are forced to use multiple applications to plan, invite, navigate, capture, organize and share their social and business events. Without organization and a simple retrieval system, sharing and recalling memories are often difficult, and many times non-existent. In addition, currently used techniques of memory sharing are person-to-person as opposed to persons-to-event, so many captured memories never end up being shared in a controlled group environment. Eventure solves for this very problem. Our proprietary technologies are robust, yet simple-to-use which address inefficiencies in the social marketplace by enabling captured memories to be centrally stored and effortlessly shared among event attendees in a secure, real-time environment. From our Social Calendar, to our Wearable Camera Technologies, to our Event based Games, Eventure truly redefines how one creates, curates and organizes life’s most memorable moments.
For more information please visit: www.eventure.com
Forward Looking Statements:
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, which are made in accordance with the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.
CONTACT:
Investor Relations:
Eventure Interactive, Inc.
http://www.eventure.com/investors
investor.relations@eventure.com
SOURCE: Eventure Interactive, Inc.
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