MiMedia announces first U.S. market launch with smartphone partner Schok

MiMedia Holdings, a company specializing in digital media solutions, has announced its entry into the U.S. market through a new partnership with smartphone manufacturer Schok. This development marks MiMedia’s integration into Schok’s smartphones, which are now available in the U.S. The announcement comes as MiMedia has been trading on the OTCQB Venture Markets exchange since August 1.

According to MiMedia, the integration of its MiMedia platform onto Schok smartphones has been achieved through an “Over the Air” (OTA) software update. This update allows MiMedia’s platform to be seamlessly added to existing Schok smartphones as well as new devices coming to market. The company’s swift progress is noted, with the partnership finalized just two months ago.

In addition to the partnership announcement, MiMedia revealed that it has secured a loan investment. The loan, provided by an arm’s length corporation, involves a $1 million promissory note with a term of 18 months. The note is unsecured and bears an interest rate of 15% per annum. The funds from the loan will be allocated for general corporate purposes. As part of the investment agreement, MiMedia has also issued four million share purchase warrants to the lender. Each warrant is valid for 18 months and can be exercised for one share at a price of $0.25.

This move positions MiMedia as a notable player in the U.S. market, leveraging its new partnership with Schok to expand its reach and capabilities. The OTA integration highlights the company’s commitment to providing accessible and versatile digital media solutions for consumers.