IRVINE, CA, Aug. 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Vita Mobile Systems, Inc. (OTC PINK: VMSI), a technology company specializing in big data via digital imaging on mobile devices, today provided highlights from its latest Board of Directors meeting, an update on its progress toward uplisting to the OTCQB and details on its Artificial Intelligence (AI) Content System.
During the latest Board of Directors meeting, board members and company officers reviewed the Company’s progress and plans for the rest of 2019. At the end of last year, Vita Mobile Systems announced finalizing an investment agreement for up to $5 Million in equity financing and working towards completing an audit and uplisting the Company to the OTCQB. The compilation of financials from VMSI along with gathering of all of the financials of GMUI, the preceding Company and management, has drawn out the audit process much longer than anticipated. With that said, the Company expects to complete the audit very soon. The Company has already finalized the draft of its registration statement on Form S-1, which is part of the process to become a fully reporting company with the U.S. Securities and Exchange Commission (SEC) and uplist to the OTCQB. The OTCQB is recognized by the SEC as an established public market and is a venture market designed for early-stage and developing US and international companies.
Board Member Colin Walker stated, “I’m really proud of how far we have come over the last calendar year. We were able to run a lean organization this past year while establishing a very strong technology foundation, which will serve us extremely well to close out 2019 strong. Even our own CEO hasn’t taken a salary for most of this past year as part of his own commitment to our vision and as an example of how much passion we are all putting into Vita Mobile Systems.”
Operationally, the end of 2018 into 2019 thus far, Vita Mobile Systems worked towards developing its Artificial Intelligence (AI) Content System and Ad Tech technology as stand-alone services as well as moved along its first mobile app VITA. The AI Content System is designed to analyze all social media content on any open source social media platform to interpret behavior, anticipate need and predict patterns, making it a robust, versatile service that can be leveraged by any industry to analyze trending data and analytical information. Additional applications include use in the public and security sectors, specifically military intelligence. The Board of Directors meeting also included discussion of early interest and inquiries from companies in the defense industry.
VITA, the Company’s flagship mobile app that uses propriety crowdsourcing, geolocation and AI algorithms to allow users to both contribute to and experience firsthand photos, videos and commentary for any event or location, will be the first app to integrate the Company’s AI and Ad Tech services.
“Last year we were so focused on releasing our first app VITA that we didn’t realize what we had was much bigger than VITA itself. Once it became clear that our AI and Ad Tech technologies had vastly more potential on their own, than just being part of VITA, management and the board made the decision to delay VITA’s completion so that our team could focus on developing our technologies as services,” stated Sean Guerrero, CEO of Vita Mobile Systems, Inc. “Our technology has come a long way over the past year and we are proud of our progress. We also worked hard to be fiscally conservative and plan to continue that approach - we only plan to draw a small portion of our equity line to finish VITA and our AI and Ad Tech services.”
To learn more about VITA please visit the Vita Mobile Systems website at www.vitamobilesystems.com.
About Tangiers Global, LLC ( www.tangierscapital.com )
Founded in 2006, Tangiers provides working and expansion funding to small and microcap public companies through a variety of investment structures, including the new Fixed Funding Commitment™.
“Tangiers manages its own private capital. We are not brokers or finders, which allows us to make quick and creative decisions by deploying our own personal investment funds on an accelerated timeline. We pride ourselves on building long term relationships with our client companies to ensure that they have the resources necessary to propel their growth year after year.”
About Vita Mobile Systems, Inc. ( www.vitamobilesystems.com )
Vita Mobile Systems, Inc. (OTC PINK: VMSI) is a technology company focusing on digital imaging in mobile devices, collection of big data and development of artificial intelligence. Vita Mobile Systems is currently finalizing their first geolocation-based, social media app "VITA" for release on both iOS and Android. Comprised of a strong foundation of successful entrepreneurs, Vita Mobile Systems has developed proprietary algorithms and tools which gather, categorize, analyze and augment digital content. Over the years, Vita Mobile Systems has used these proprietary marketing, social media, and data collection tools to generate significant amounts of internet traffic for advertising networks. Vita Mobile Systems aims to create a monumental library of crowdsourced content, a massive catalogue of predictive big data, and platform for ultra-targeted advertising. The company expects to establish a strong foundation within the multibillion-dollar industry of driving big data and targeted advertising through its process of cataloging, meta-tagging, analyzing, and predicting trends of everyday people in everyday life.
Cautionary Language Concerning Forward-Looking Statements:
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by VITA. The public filings, if any, of Vita Mobile Systems, Inc. (OTC Pink: VMSI) may be accessed at www.otcmarkets.com. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. VITA cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, VITA does not undertake, and VITA specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.