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Snap Interactive Announces Open-Platform Blockchain Development Initiative(January 11, 2018)
NEW YORK, NY, Jan. 11, 2018 (GLOBE NEWSWIRE) --
Snap Interactive, Inc. ("STVI," the "Company," "we," "our" or "us") (OTCQB: STVI), a leading provider of live video social networking applications building on blockchain and other innovative technologies, today announced that it is developing an open source, multi-media delivery platform that combines STVI’s live streaming video, voice and data routing capabilities with the enhanced security, scalability and cost effectiveness of blockchain technology.
STVI’s open delivery platform is expected to specialize in routing live, rich media content and powering applications that require real time data and video communications. At launch, the platform is expected to host Backchannel, STVI’s secure video messaging app planned to launch in 2018, and is anticipated to also enable third-party developers to build the next generation of social networking, messaging, group collaboration and live video streaming apps using the Company’s blockchain-based services. STVI’s new platform is planned to provide the developer community with the opportunity to leverage the strength of the Company’s 15 years of development history in live video delivery and its recent investment in blockchain infrastructure to enable decentralized media routing. STVI envisions that the decentralized platform will offer the potential for superior security, scalability and cost efficiency, with token-based incentives driving a large community of contributors of bandwidth and computing resources. As previously announced, the Company plans to build this decentralized platform as a horizontal extension of the best-of-breed NEM blockchain protocol.
“We are excited to announce this platform initiative as the core of our blockchain strategy,” said Alex Harrington, STVI’s Chief Executive Officer. “By operating at the platform level as well as the app level of blockchain technology, we believe we can create the most enterprise value, because now we can partner with a large network of developers to create a live video and messaging ecosystem on blockchain. By creating an open source environment by which third parties can build upon, we not only position ourselves at the leading edge of this emergent technology but also enable partnerships and additional value creation opportunities.”
About Snap Interactive, Inc. (OTCQB????: STVI)
Snap Interactive, Inc. is a leading provider of live video social networking applications building on innovative technologies such as blockchain. STVI's product portfolio includes Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and Backchannel, a secure video messaging app built on blockchain, due to launch in 2018. The Company also offers FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 26 patents related to video conferencing and online gaming.
For more information, please visit http://www.snap-interactive.com.
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This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with general economic, industry and market sector conditions; the ability to effectively develop and incorporate blockchain technology into the Company's applications; the ability to effectively integrate the operations of the Company and AVM; the timing and amount of any future repurchases of the Company's common stock, if any; user acceptance of our updated applications; the Company's ability to institute corporate governance standards or achieve compliance with national securities exchange listing requirements; the Company's future growth and the ability to obtain additional financing to implement the Company's growth strategy; the ability to increase or recognize revenue, decrease expenses and increase the number of active subscribers, new subscription transactions or monthly active users; the ability to enter into new advertising agreements; the Company's ability to generate positive cash flow from operations; the ability to diversify new user acquisition channels or improve the conversion of users to paid subscribers; the ability to anticipate and respond to changing user and industry trends and preferences; the intense competition in the online dating marketplace; the ability to release new applications or derive revenue from new applications; and circumstances that could disrupt the functioning of the Company's applications. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
CONTACT: Snap Interactive Investor Relations Contact:Mike ColeVP, MZ Group949.email@example.com