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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SOURCE: Chancellor Group, Inc.