Mindpix Corporation (OTC Pink: MPIX) (PINKSHEETS: MPIX) ("Mindpix" or the "Company"), a technology driven media services and entertainment company focused on owning, creating and/or managing multi-platform music, entertainment, sports and US Hispanic properties, today announced that the Company has filed with OTC Markets its unaudited financial statements for the year ended December 31, 2013, and has released the following update to its shareholders:
2013 was a significant year of growth and transition for Mindpix. Four months into 2013, a new management team headed by the Company's current Chief Executive Officer and President, Victor Siegel, began to transform and chart a new direction for Mindpix which included: an enhanced digital strategy focused on the high value and high margin streaming and media services business; full transparency to shareholders; and the establishment of a strong and solid corporate foundation for growth and revenue generation. Siegel and his executive management team have made consistent significant strides from May throughout the balance of 2013 and 2014 to aggressively clean up the Company's balance sheet, improve its capital structure and position the Company for long-term sustainable revenue growth.
Operational and Financial Highlights of the Year Ended December 31, 2013
- Current status on the OTC Markets exchange was achieved in August 2013.
- Total operating expenses decreased 80% to $1.15 million from $5.74 million in fiscal 2012. The majority of this improvement was the result of an 81% decrease in combined consulting fees, professional fees, and compensation from December 31, 2012 levels.
- Since December 30, 2012, an estimated 469.55 million common shares were issued, while an estimated 674 million common shares were returned to the treasury, creating a significant reduction in the Company's shares outstanding.
Victor Siegel, Chief Executive Officer and President of Mindpix Corporation stated, "Bringing MPIX current and compliant with OTC rules was a monumental task that needed to be completed in order to have a foundation for our business. We now have that foundation. Mindpix's management team and our team of legal and financial consultants dedicated themselves to auditing, restructuring and optimizing the Company's financial state and achieved significant progress in 2013 including reducing total operating expenses by 80%. In the fourth quarter of 2013, we began the important transition to productizing and monetizing our services to drive revenue growth and long-term shareholder value. We can't thank them enough for their efforts in leading this mission."
Mr. Siegel continued, "Over the past several months and with increasing frequency, we've announced a number of world-class, industry leading hires, strategic advisors, services and partnerships. Additional highlights include the completion of our financials, the opening of our new office in Nashville, and the addition of two major customers -- Spring Awakening Music Festival 2014 and Golden Trailer Movie Awards. All of our efforts are laser-focused on driving long-term revenue growth and shareholder value. We expect to begin generating meaningful revenue from customers by the end of Q2 2014 and estimate the Company will be able to achieve 15 to 20 retained, fee-paying and/or revenue-sharing customers by December 31, 2014. This forecast is based upon a forecasted 26% to 36% conversion rate among our current active new customer pipeline of 50+ projects as of today's date. These clients cover the full range and spectrum of our capabilities in PPV (pay-per-view), ad sponsor, and subscription-based live and VOD (video on demand) streaming events, as well as core media services across our 4 business verticals.
"I am very proud of what has been achieved over the last year, from the auditing of our financial statements and filing a Form 10-K with the Securities & Exchange Commission, to creating an environment where Mindpix is increasingly being evaluated and considered to provide live and VOD streaming services for marquis events and major media services programs. Our new business efforts have yielded a robust and growing pipeline of revenue opportunities across many customers and categories. Part of completing this transition there were many one-time expenses that have been addressed and that will not be recurring to the Company. As Mindpix continues to transition to a revenue generating company, I can promise that we will continue to seek to optimize margin, reduce expenses and maximize the return on investment."
Mr. Siegel added, "In closing, we are confident Mindpix has the media services offering, top-line revenue generating strategies, staffing and pipeline of revenue-generating live and VOD events to become the ultimate provider of media services to music, entertainment, sports, and U.S Hispanic media properties worldwide. We are moving steadfast towards this goal. On behalf of the Company, I wanted to thank our shareholders for their continued support. We look forward to sharing in our successes with you all as we move Mindpix forward."
About Mindpix Corporation
Mindpix Corporation (OTC Pink: MPIX) is a technology driven multi-platform media company focused on owning, creating and/or managing multi-media entertainment and sports and US Hispanic properties across the globe. Through a unique eco-system, MPIX provides the critical on-line video technology, production, digital marketing, audience development, payment services, sponsor acquisition, digital and traditional media distribution services to drive revenue for live and VOD (video on demand) events globally.
MPIX disclosure and financial information is published on OTC Markets and can be found at the following site: http://www.otcmarkets.com/stock/MPIX/filings/
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 (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE: Mindpix Corp.