IRVINE, Calif., March 27, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE – UA Multimedia, Inc. (OTC:UAMM), a solution provider of cannabis ancillary products and services with an emphasis on technology, today announces changes in management and update of business development.
The board of directors has accepted Lou Klein’s resignation and concurrently appointed Michael Lajtay as the Company’s President and interim Chief Executive Officer. The transition will take effect on March 30, 2018.
Mr. Lajtay is currently a consultant for SupraAlgae, Inc., a manufacturer of unique soil conditioners targeted at the cannabis market. He is also involved with cryptocurrencies in various capacities since 2014. He has served as a cryptocurrency consultant, trainer and speaker as well as participated in numerous initial coin offerings (ICOs) and has helped launch several sophisticated mining operations. Mr. Lajtay also has extensive business experience in the area of consumer products and automotive. Mr. Lajtay holds a B.A. in Economics from Claremont McKenna College.
The growth of the advertising portal MJ Circle has been solid and continues to escalate. The platform currently has several thousand active accounts, and the number of visitors has been increasing on a steady basis. The Company has booked modest revenues last quarter as well as this quarter from premium services and plans to increase its marketing effort once certain regulatory, technical issues and enhancements for the site have been addressed.
To err on the side of caution, management had deliberately put the development and launch of CannaMedi.com on hold since the beginning of January when Jeff Session rescinded of the Cole Memo. Due to the recent positive development in the cannabis industry, management had resumed the preparation for the site launch, which is scheduled to take place sometime in the next quarter.
The Company is experimenting with expanding the scope of MJ Circle to include additional industry community activities such as discussion forums, media channels, professional and personal networking, online shopping as well as dating services. The Company is also considering integrating the Cannaxa and CannaMedi sites and features into the MJ Circle ecosystem.
Management believes that with a robust ecosystem that consists of a wide range of services and users, it is beneficial to have a dedicated crypto token. Management continues to explore the viability of issuing the Company’s own ERC20 tokens that can be traded on the Ethereum blockchain.
As a new initiative, UA Multimedia will form a wholly owned subsidiary to focus primarily on blockchain and crypto technologies. The division will provide consulting services with emphasis on cryptocurrencies, blockchain, and ICO, relating to the cannabis industry as well as other sectors.
The future path for the new subsidiary is potentially a separate publicly listed company, token based ICO or asset-based ICO. Pending successful execution, UA’s current shareholders will have the benefit of owning a publicly traded subsidiary or an entity with tokens traded on various cryptocurrency exchanges.
The Company is currently working on a few expansion proof-of-concepts and will update all shareholders as material progress is made.
“UA Multimedia is well positioned in the area of cannabis ancillary products and services. With its pending expansion plan and incorporation of blockchain and cryptocurrency, the potential for growth is tremendous. I am excited to be part of the organization and looking forward to work with the team to take the company to the next level,” commented Michael Lajtay, President and interim CEO.
About UA Multimedia, Inc.
UA Multimedia, Inc. is a solution provider of cannabis ancillary products and services with an emphasis on technology. The Company currently own and maintains MJCircle.com, a classified ads portal and Cannaxa.com, a service finder portal.
Company website: http://www.uammedia.com
Cannabis classified ads website: http://www.mjcircle.com
Cannabis service finder website: http://www.cannaxa.com
Facebook: https://www.facebook.com/uammedia, https://www.facebook.com/mjcircleads, https://www.facebook.com/cannaxa, https://www.facebook.com/cannamedi
Twitter: https://twitter.com/MJCircleAds, https://twitter.com/cannaxa
Forward Looking Statements:
This 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 and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Some or all of the events or results anticipated by these forward-looking statements may not occur. 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 projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
UA Multimedia, Inc.