Viyya Technologies CEO Reports on Corporate Status
July 19 2010 - 4:30PM
Marketwired
Viyya Technologies, Inc. (PINKSHEETS: VYON),
the developer of the world's first premium content distribution
platform, announced today a letter to VYON shareholders from Mr.
John Bay, President & CEO, regarding the status and objectives
for the remainder of the 2010 fiscal year. The text of the letter
follows:
Dear Shareholders:
We are now entering into an extremely exciting time in Viyya
Technologies' growth as a business. Thanks to your continued
support and patience in our company, we are now positioned for the
first time to release our product and obtain revenues in the
premium content marketplace.
Let me begin by first addressing our current corporate reporting
structure. It is our intention to immediately upgrade our Pink
Sheets compliance status to "current" and then follow the proper
procedures to file for the OTCQB or OTCBB (Bulletin Board). Our
goal is to become a fully reporting company to the SEC before the
close of 2010. This will open the door for our shares to trade more
broadly, for the company to be recognized as a compliant entity,
and for Viyya's market value to increase and become more
commensurate with its vibrant and explosive potential.
With an eye to the future, we have been interviewing CFO
candidates with public market and M&A backgrounds. We hope to
have one of the candidates on board before the 4th quarter of this
year. Our short list contains only experienced representatives of
the "Big 6" accounting firms.
Now our primary function as an enterprise is in the development
and marketing of Intellectual Property. We have spent the past two
years refining our core technology for the premium content market -
information derived from magazines and newspapers. I'm happy to say
that our product, codenamed MaggieMe™, should be available this
quarter in numerous Application Stores such as the Apple iTunes™,
Google Android Market™, RIM Blackberry AppWorld™ and, in the 4th
quarter, in the Microsoft Marketplace ™, Qualcomm BREW Plaza™, OVI™
by Nokia and the Google Chrome Storefront™.
Besides these consumer direct storefronts, we have made
tremendous progress in our relationship with telecom giant
Qualcomm. This relationship, when mature, will help us in our
efforts to reach mass market smartphone and QMD (quick messaging
device) subscribers. Qualcomm's patented technologies encompass a
global footprint and support almost 25% of the worldwide wireless
subscribers. We envision deploying our service offering to network
operators and original equipment manufacturers (OEMs) throughout
North and South America as well as countries in the Asian markets,
such as China and India.
Becoming a fully reporting company is not only expensive but it
is essential for corporate credibility in today's public
marketplace. Having the resources to deploy worldwide subscribers
and engage global publishers and carriers is expensive as well.
Therefore, we are interviewing various investment banking
candidates to provide us with the funding and resources to move
Viyya to this next step. We hope to have one contracted during the
month of July to provide the funding necessary to become a fully
reporting company, as well as provide the resources required for
our identified corporate growth.
Lastly, as most of you know, the DTCC imposed a "chill" on
activity in our stock on May 14, 2010 when it suspended its
electronic clearing of trades in our stock. This DTCC suspension
followed an SEC cease-and-desist order concerning 13 stocks,
including ours, as a result of alleged illegal acts during
2005-2007 by employers of a now defunct brokerage firm. I emphasize
that this situation was not caused by any action, or inaction, of
Viyya. We have enlisted the assistance of our SEC legal counsel,
Duanne Morris LLP of New York, to help with the release of this
electronic clearing restriction. To date, we have not received any
feedback from the DTCC since June 7th on the timing or items
necessary to effectuate this release. We will continue to do
everything in our power to have this restriction removed as soon as
possible.
In closing, we believe we have now found our niche and have the
proper world class partners and distribution methodologies in
place. As shareholders, you have been very patient with our efforts
and we thank you. Our core competencies and technologies have
brought us to meet with many Fortune 500 companies and it's your
support and our determination that will make Viyya Technologies the
leading premium content service provider throughout the world.
Thank you again for your continued support, loyalty and interest
in our company.
Sincerely,
John Bay President & Chief Executive Officer
About Viyya Technologies:
Viyya Technologies (www.viyya.com) (PINKSHEETS: VYON) is a
publicly traded company based in Fairfield, New Jersey. The company
develops content intelligence, cloud-based applications and
platforms that distribute global premium content via the mobile
ecosystem.
The company's core technology components manage information by
enabling mobile subscribers to personalize the way they collect,
process, and experience digital content. Its innovative and
proprietary technology gives users the ability to retrieve filtered
premium content from multiple sources, organizes it through
flexible and dynamic options, and view it on virtually to any fixed
or mobile Internet device. 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 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
disclaims any intention or obligation to revise any forward-looking
statements whether as a result of new information, future
developments or otherwise.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This news release contains forward-looking
information within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including statements that include the words
"believes," "expects," "anticipate" or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the company to differ materially
from those expressed or implied by such forward-looking statements.
In addition, description of anyone's past success, either financial
or strategic, is no guarantee of future success. This news release
speaks as of the date first set forth above and the company assumes
no responsibility to update the information included herein for
events occurring after the date hereof.
Contact: Pam Dominiczak Investor Relations Viyya Technologies,
Inc. Phone: 973-276-0555
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