Viyya CEO Reports on Company Status in 2009
March 12 2009 - 9:30AM
Marketwired
Viyya Technologies, Inc. (PINKSHEETS: VYON), the developer and
marketer of the world's most advanced web-based information
management application, announced a 2009 update from CEO John Bay,
in the following letter:
Thank you for your recent inquiries on Viyya. We are receiving
many inquiries of late -- most with the question "where is Viyya
going?"
Our product and game plan has not changed from the strategy laid
out in our December 30, 2008 press release titled "Viyya
Technologies CEO reports on Company Activities." In fact, we have
been following that strategy precisely and exclusively.
Our strategy has proven to be "right-on" in these troubled times
-- smartphones, Netbooks, carrier data services and worldwide
security seem to be the only markets in today's world that have any
spark or growth in 2009.
That being said, we are encountering the same cashflow and
revenue issues the large institutions are facing but unfortunately,
we do not receive TARP or bailout funding. We are weathering the
storm with very limited resources.
This past summer, in order to fund growth and prepare to scale
for large Internet and wireless service provider deployments, we
negotiated a funding package with various Investment Bankers in
NYC. In September, we chose Andrew Garrett Inc. to deliver a $3
million convertible debenture to be funded prior to Thanksgiving
2008. During the due diligence period the markets collapsed and the
funding was to be delivered after the first of the year 2009. The
markets continued to worsen and finally in late January, the deal
was permanently dissolved due to market conditions.
Viyya employees and management have worked on a limited budget
with virtually little or no salary since September in pursuit of
one common goal -- make Viyya successful. Funding has come from my
friends and family, which is in addition to the $2 million plus
dollars already invested into Viyya by management. These "bridge"
investments are in the form of convertible notes at 12% interest,
repaid out of anticipated funding in 2009.
Although small cap funding is almost nonexistent in this
economic recession/depression, we currently have three or four
funding opportunities which we are pursuing and expect to receive
term sheets in March, with funds beginning to flow in April. We are
one of very few companies that are receiving consideration in these
terrible times, because we offer growth opportunities in today's
hot markets, smartphones, Netbooks, etc. -- a further validation
that we are a very, very special company.
Once funds are received, we will capitalize on the beta testing
and market modeling underway with global players and deliver the
value our shareholders have anticipated since our inception. In the
mean time, we will continue to progress with limited product
deployment and development in order to conserve our limited
resources. We believe our forward momentum gains traction, despite
obstacles, and we will report on goals achieved in future
reports.
Thank you for your support -- John Bay
About VIYYA(TM) Technologies
VIYYA(TM) Technologies (PINKSHEETS: VYON) is the developer and
marketer of the world's most advanced, web-based information
management application. The company's core technology manages
disparate information from the Internet, corporate intranets,
databases, newsgroups, email, and third-party feeds by enabling
users to customize the way they collect, process, distribute and
store data. VIYYA(TM) gives users the ability to retrieve filtered
content from many sources, determine the relevancy of the
information, and have the information processed into notifications,
daily reminders, newspapers, or archived for future use. For
additional company information, please visit www.viyya.com.
Legal Notice: "Forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995 may be included in
this release. These statements relate to future events or financial
performance; are based on current expectations/projections about
VIYYA(TM) and its industry; and may differ materially from actual
future results or events. Such words as "expects," "believes," and
"anticipates" are intended to identify these statements. VIYYA(TM)
disclaims any intention or obligation to revise any forward-looking
statements whether as a result of new information, future
developments or otherwise.
Contact: Joe Forese COO 973.276.0555 jforese@viyya.com
www.viyya.com
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