Chancellor Group Inc. (OTCBB: CHAG) announced today an agreement with Mimvi Inc., the premier mobile application search and discovery engine, to license its proprietary search and recommendation technology for Chancellor Group's recently-formed technology subsidiary Pimovi Inc.
The deal will enable Pimovi, which is currently developing a proprietary technology platform for pictures, movies and videos, to power its multimedia products with built-in cognitive intelligence. Chancellor Group and Mimvi will share revenue generated by products built using the licensed technology.
"The decision to license Mimvi's search and discovery technology fulfills what we saw as an immediate need," said Maxwell Grant, Chairman and Chief Executive Officer of Chancellor Group, who also heads up Pimovi. "With Pimovi, we are building a proprietary technology platform for digital media, and it is key that this content will be readily accessible for our consumers. Along with Chancellor Group's solid cash position, we are looking to forward to launching revenue producing products powered by Mimvi as the back-end architecture."
Pimovi Inc. is a newly formed technology subsidiary that is part of Chancellor Group, Inc. (OTCBB: CHAG). It is developing a proprietary technology platform for pictures, movies and videos. Pimovi's primary focus lies in the creation of new methods for recording activities, along with editing and assembling such records in a proprietary format, including First Person Video Feeds for sporting and other events.
Headquartered in Sunnyvale, California, Mimvi, Inc. is the premier mobile search and discovery technology provider. Its proprietary search and "intelligent" recommendation algorithms enable the search and discovery of Mobile Apps, Mobile Content and Mobile Products across multiple devices and platforms, including: Apple's iPhone and iPad, Google Android, BlackBerry, Windows Phone, Facebook and web applications. For more information, please visit: http://www.mimvi.com.
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This Media release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Chancellor Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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SOURCE: Chancellor Group, Inc.