Latin Gold Limited ("Latin Gold") has reached agreement to acquire 100% of the mig33 social entertainment platform with offices and servers in Singapore, Malaysia, Indonesia, and Silicon Valley, through the issue of approximately 720 million shares in Latin Gold.
mig33 is a social entertainment platform with 3 million monthly active users. The service includes Miniblog, Chat, Chatrooms, Virtual Gifts and Games and is available on Android, WAP and Web.
The platform is monetising and is targeting internet users in emerging markets representing over 3.5 billion people and the next frontier of growth in the Internet.
With its unique engagement and monetisation model, together with the size of market opportunity, the mig33 platform offers Latin Gold shareholders access to an exciting and significant growth opportunity in the IT sector.
Relaunched as a Beta in August 2013, mig33 is a social entertainment platform featuring miniblog, chat, chatrooms, virtual gifts and games, is available on Android, WAP and Web, and has over 3 million monthly active users. The platform is tailored for emerging markets across South East Asia, South Asia, Middle East and Africa which represent a population of over 3.5 billion people, and monetises not through advertising but primarily through the sale of virtual gifts and games. Part of this business model was developed to build on the success of the Chinese based Tencent Holdings (700:HK), which now has a market capitalisation of over USD$120 billion.
Early results indicate that artists and celebrities using mig33 in Indonesia and South Asia are achieving levels of engagement comparable to and exceeding that of their equivalent presence on Facebook and Twitter. With these results, the mig33 team is currently focused on broadening and polishing the service offering and growing the user base in 2014.
A significant attraction of the mig33 business model to Latin Gold was that, even in this early stage of commercialisation, income is being generated through the company’s monetisation model which is based around surety of payment through the purchase of mig33 prepaid credits.
The development of mig33 has been spearheaded by Steven Goh, who achieved considerable success in the late 1990s by developing Sanford Securities, Australia’s first online stock broking company. This operation grew to 160,000 customers with over $2.4 billion in customer assets, before being taken over in 2003. Steven is Managing Director and CEO of mig33 and is recognised as an authority on contemporary IT issues and serves on a number of advisory panels throughout the Asian region.
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