Tapinator, Inc. (OTCQB:TAPM)

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Tapinator, Inc. Reports Second Quarter 2019 Financial Results
  • Revenue grew 83% year-over-year to $1.3mm
  • Category Leading Apps Revenue grew 282% year-over-year to $1.1mm
  • Bookings grew 9% year-over-year to $967k
  • Category Leading Apps Bookings grew 101% year-over-year to $566k
  • Net loss decreased 52% year-over-year to $265k
  • Adjusted EBITDA increased 2,781% year-over-year to $293k

 

 

New York, NYAugust 13, 2019 – Tapinator, Inc. (OTCQB: TAPM), a developer and publisher of category leading apps for mobile platforms, with a significant emphasis on social casino games, today announced financial results for the three and six months ended June 30, 2019, and the filing of its quarterly report on Form 10-Q for the period ended June 30, 2019.  The quarterly report may be found at http://www.sec.gov.  The results provided below replaces, in their entirety, any guidance or projections previously issued by the Company.

 

Ilya Nikolayev, Tapinator’s Chief Executive Officer, stated, “The Company had a very strong second quarter with solid company-wide Bookings growth led by our social-casino focused, Category Leading Apps. We now have a solid base of these products from which we plan to continue to expand via our strategy of developing select, best-in-class mobile software applications with a clear focus on the social-casino genre.”

 

First Quarter 2019 Financial Highlights (unaudited):

 

 

Three Months Ended Six Months Ended
       Jun. 31, 2019 Jun. 31, 2018  Jun. 31, 2019 Jun. 31, 2018
GAAP Results:
Revenue $1,345,595 $733,673 $2,158,650 $1,622,361
Net Loss ($265,191) ($557,052) ($924,894) ($1,472,932)
Diluted Net Loss Per Share $0.00 ($0.01) ($0.01) ($0.02)
Cash $509,905 $1,340,296 $509,905 $1,340,296
Non-GAAP Results:*
Bookings:
    Category Leading Apps $566,462 $280,467 $1,210,741 $549,884
    Rapid-Launch Games $219,236 $436,413 $541,633 $1,050,074
Total $785,698 $716,880 $1,752,374 $1,599,958
Adjusted EBITDA $293,239 $10,180 $226,172 $170,297

*A table has been included later in this press release with non-GAAP adjustments to the Company’s revenue resulting in Bookings (a non-GAAP measure) and non-GAAP adjustments to the Company’s net loss, resulting in adjusted EBITDA (a non-GAAP measure) for the relevant periods.

 

Andrew Merkatz, President and Chief Financial Officer of Tapinator commented on the Company’s results. “We are very proud of our operating results for the first half of 2019. Our previous strategic decision to focus on Category Leading Apps is now paying beginning to pay off in the form of solid Revenue, Bookings and adjusted EBITDA growth.  As we look out over the next 12 months, we believe we are very well situated to achieve continued Revenue and Bookings growth. Over the last year, we have significantly improved both the product and earnings quality of our core mix of apps.  We are now positioned to invest more heavily into these existing products, while we selectively develop new applications with significant potential to enhance our portfolio.”

 

 

Strategy

In early 2017, we began a major strategic shift to focus more of our investment and management resources into our Category Leading Apps business and more specifically into the social-casino genre. We believe the potential size, quality and sustainability of revenues and earnings from this business is significantly greater than that of our legacy Rapid-Launch Games business. We completed this shift during the fourth quarter of 2018 and we are now focused on developing and operating these Category Leading Apps, with a significant focus on the social-casino genre. In 2018, the revenue for the social casino market reached $5.2 billion, according to Eilers & Krejcik. The social casino market grew 10.9% year-on-year in the final quarter of 2018 according to the same report. The larger competitors in this market include SciPlay (Nasdaq: SCPL), Zynga (Nasdaq: ZNGA), Playtika (acquired by Giant Interactive for $4.4 billion in 2016) and Murka Entertainment (acquired by the Blackstone Group in 2019). These companies have achieved success by (1) focusing on the most well established social casino game types (e.g., slots, bingo and multiplayer poker) and (2) focusing on improving production values, running live ops, and adding content to their games rather than gameplay innovation. We believe this creates market opportunity for several winning strategies. First, with games such as Video Poker Classic, we have focused on niche casino game types that are not dominated by large competitors yet, nonetheless, have significant player followings. We believe similar niche opportunities continue to exist. Second, with the upcoming launch of Castle Builder, our new slots title, we believe that applying gameplay innovation to slots, an area that otherwise offers sparse differentiation between games, can result in a highly sustainable and successful product. Based on the previous success of indie developer Moon Active’s Coin Master, which, according to Think Gaming, has achieved $75 million in annual revenue, we are confident that the slots area is ripe for gameplay innovation.

 

Our goal for our Category Leading Apps business is to develop a small number of core franchise titles, primarily within the social-casino genre, that can achieve lifespans of at least five to ten years, and where we can grow these titles into sustainable market leaders within their respective product categories. In order to accomplish this, we are working to achieve customer LTVs that exceeds customer acquisition cost, at scale. To date, the Company has been able to achieve this, at certain customer volumes, for three products: Video Poker Classic, Crypto Trillionaire and Solitaire Dash. We seek to build a valuable portfolio of these core franchise titles which can represent repeatable, stackable and long term revenue streams for Tapinator.

 

Current Outlook

Our conviction regarding our social-casino focused, Category Leading Apps business has strengthened during 2019. We delivered year-over-year Bookings growth in excess of 100% within this business during the first two quarters of this year. Based on the strength of this performance, we are now targeting company-wide Bookings growth for 2019 in the range of 8%-12%, and Category Leading Apps Bookings growth in excess of 50%. This growth is expected to be derived from our seasoned franchises such as Video Poker Classic and Solitaire Dash, combined with recently launched titles such as Crypto Trillionaire and My Horoscope, and from Castle Builder, our new social-casino title that we plan to launch globally during the fourth quarter of 2019. Castle Builder features a slot mechanic, with innovative metagame systems that have proven their success in the world of real money gaming. The title is made possible through Tapinator’s recent licensing deal with a major European real-money slots developer. The real-money version of the product is currently a top performing slot game across 200+ online casinos in a number of European countries. Looking forward to later this year and into 2020, we are actively seeking to add to our growing portfolio of social-casino titles through organic product development, and via selective publishing and acquisition opportunities.  We expect to make further announcements regarding these product initiatives in the coming months.

 

*Non-GAAP Financial Measures

We have provided in this release the non-GAAP financial measures of Bookings and adjusted EBITDA, as a supplement to the measures of Revenue and Operating Income, which are prepared in accordance with United States generally accepted accounting principles (“GAAP”). Management uses Bookings and adjusted EBITDA internally in analyzing our financial results to assess operational performance and liquidity. The presentation of Bookings and adjusted EBITDA is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. We believe that both management and investors benefit from referring to Bookings and adjusted EBITDA in assessing our performance and when planning, forecasting and analyzing future periods. We believe Bookings and adjusted EBITDA are useful to investors because it allows for greater transparency with respect to key financial metrics we use in making operating decisions and because our investors and analysts use them to help assess the health of our business. Below, we have provided reconciliations between our historical and projected Bookings and adjusted EBITDA to the most directly comparable GAAP financial measures below.  Some limitations of Bookings and adjusted EBITDA are as follows:

 

  • Bookings does not reflect that we defer and recognize online game revenue over the estimated life of durable virtual goods;
  • Adjusted EBITDA does not include the impact of stock-based expense, impairment of intangible assets previously acquired, acquisition-related transaction expenses, contingent consideration fair value adjustments and restructuring expense;
  • Adjusted EBITDA does not reflect income tax expense;
  • Adjusted EBITDA does not include other income or expense, which includes foreign exchange gains and losses and interest income or expense;
  • Adjusted EBITDA excludes depreciation and amortization of intangible assets and impairment of capitalized software. Although depreciation and amortization and impairment of capitalized software are non-cash charges, the assets being depreciated and amortized or impaired may have to be replaced in the future; and
  • Other companies, including companies in our industry, may calculate adjusted EBITDA differently or not at all, which will reduce their usefulness as a comparative measure.

 

Because of these limitations, you should consider Bookings and adjusted EBITDA along with other financial performance measures, including Revenue, Net Income (Loss), Diluted Net Income (Loss) Per Share, Cash Flow from Operations, Operating Income (Loss) and our other financial results presented in accordance with GAAP.

 

Reconciliation of GAAP to Non-GAAP Results (unaudited):

 

 

Three Months Ended Six Months Ended
Jun. 30, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018
Reconciliation of Revenue to Bookings:
Revenue $1,345,595 $733,673 $2,158,650 $1,622,361
Change in deferred revenue ($559,897) ($16,793) ($406,276) ($22,403)
Bookings $785,698 $716,880 $1,752,374 $1,599,958
Three Months Ended Six Months Ended
Jun. 30, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018
Reconciliation of Net Loss to Adjusted EBITDA:
 Net loss ($265,191) ($557,052) ($924,894) ($1,472,932)
 Interest expense, net (3,564) (732) (1,791) 134,601
 Income taxes 3,800 3,800
 Amortization of capitalized software development 156,303 142,014 341,002 271,022
 Depreciation and amortization of other assets 1,316 2,397 $,106 5,748
 Amortization of debt discount 187,876
 Stock-based expense 404,374 419,766 808,749 1,040,182
Adjusted EBITDA $293,237 $10,193 $226,171 $170,297

 

About Tapinator

Tapinator Inc. (OTCQB: TAPM) develops and publishes category leading apps for mobile platforms, with a significant emphasis on social casino games. Tapinator’s library includes over 300 titles that, collectively, have achieved over 470 million mobile downloads, including notable properties such as Video Poker Classic, Solitaire Dash and Crypto Trillionaire. Tapinator generates revenues through the sale of branded advertising and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development and marketing teams located in North America, Europe and Asia. Consumers can find high-quality mobile entertainment wherever they see the ‘T’ character logo, or at http://tapinator.com.

 

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “plan,” “feel,” “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” “target,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, among other things, our belief that we are very well situated to achieve continued Revenue and Bookings growth, our belief that the potential size, quality and sustainability of revenues and earnings from the Category Leading Apps business is significantly greater than our legacy Rapid-Launch Games business, our belief that that niche opportunities continue to exist in the casino games business and that applying gameplay innovation to slots can result in a highly sustainable and successful product in this business, our goal for our Category Leading Apps business to develop a small number of core franchise titles that can achieve lifespans of at least five to ten years and grow into sustainable market leaders, and our target projection that our Bookings growth for 2019 will be between 8%-12% and our Category Leading Apps Bookings growth will be in excess of 50%.  Forward-looking statements in this release involve substantial risks and uncertainties that could cause the development and monetization of our mobile games, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, our ability to continue Revenue and Bookings growth, our ability to capitalize on niche opportunities in the casino games business (including our ability to apply gameplay innovation in this business which may result in a highly sustainable and successful product in this business) and our ability to achieve Bookings growth for 2019 of 8%-12% and Category Leading Apps Bookings growth of over 50%. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company’s common stock on the OTC Market Group’s OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company’s operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company’s common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group’s OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, including but not limited to the discussion under “Risk Factors” therein, which the Company filed with the SEC and may be viewed at http://www.sec.gov.

 

CONTACT:

Tapinator Investor Relations

investor.relations@tapinator.com

914.930.6232

 

Source:  Tapinator, Inc.

Tapinator, Inc. Launches Major Update to Video Poker Classic, the Top Video Poker Game on Mobil

New York, NY— April 25, 2019 –Tapinator, Inc. (OTCQB: TAPM) (“Tapinator”), a developer and publisher of category leading apps for mobile platforms, today announced that it has launched a major update to Video Poker Classic, the top video poker game on mobile.

 

Video Poker Classic is the most popular video poker game on iOS and is a leading video poker property on both Google Play and the Amazon Appstore. On iOS, the title maintains over 25,000 reviews with an average score of 4.7 out of 5.0. One of the reasons for the title’s success is its consistency with a real-world casino experience.

 

To quantify the size of the video poker market, we can look to certain gaming jurisdictions, such as Louisiana and Illinois, that have published data specifically on video poker revenue. In 2013, Louisiana’s adjusted gross video poker revenue was over $600 million and represented 20 percent of the state’s net daily gaming revenue. In Illinois in 2013, video poker revenue was about $300 million relative to about $1.5 billion in adjusted gross casino revenue. In 2018, the revenue for the social casino market reached $5.2 billion, according to Eliers & Krejcik. Based on the size of the video poker market as a percentage of the real-money gaming market, we believe there to be significant growth potential for video poker within the social casino segment. Video Poker Classic is currently ranked approximately in the Top 150 in Downloads and Top 100 in Grossing within the Casino category on iOS.

 

Our new 2.0 version brings multi-hand capability, a popular casino feature, to the game’s core single-hand gameplay. More specifically, we have introduced Triple Play, Five Play, and Ten Play for all of our 39 game types. With this new version, Video Poker Classic  has the richest offering of any video poker title on mobile devices, in terms of game types, gameplay formats (Single Hand, Triple Play, Five play, Ten play) and overall functionality.

 

“We are excited that, with this major update, we have yet again raised the bar for the video poker category on mobile devices. We are looking forward to future updates later this year that will continue to refine and optimize our category-leading product,” said Tapinator CEO, Ilya Nikolayev.

 

About Tapinator

Tapinator Inc. (OTCQB: TAPM) develops and publishes category leading apps for mobile platforms. Tapinator’s library includes over 300 titles that, collectively, have achieved over 450 million mobile downloads, including notable properties such as Video Poker Classic, Solitaire Dash and Crypto Trillionaire. Tapinator generates revenues through the sale of branded advertising and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development and marketing teams located in North America, Europe and Asia. Consumers can find high-quality mobile entertainment wherever they see the ‘T’ character logo, or at http://tapinator.com.

 

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “feel,” “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. The forward-looking statements include, among other things, our belief that there is significant growth potential for Video Poker Classic within the social casino market segment.  Forward-looking statements in this release involve substantial risks and uncertainties that could cause the development and monetization of our mobile games and apps, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, our ability to penetrate the social casino market segment sufficiently enough to allow for significant growth for Video Poker Classic. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company’s common stock on the OTC Market Group’s OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company’s operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company’s common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group’s OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, including but not limited to the discussion under “Risk Factors” therein, which the Company filed with the SEC and may be viewed at http://www.sec.gov.

 

CONTACT:

Tapinator Investor Relations

investor.relations@tapinator.com

914.930.6232

 

Source:  Tapinator, inc.

 

Tapinator Launches Crypto Themed Mobile Game Exclusively on iOS

Tech Industry Mints Its First Crypto Trillionaire 

 

NEW YORK (February 12, 2019) Tapinator, Inc. (OTCQB: TAPM), a publisher of category leading apps for mobile platforms, today announced the January 31, 2019 global release of Crypto Trillionaire exclusively on Apple’s iOS platform.   In order to bring this unique, best-in-class idle tapper game to mobile players worldwide, Tapinator has joined forces with the game’s developer, Robot Cake Games of Hannover, Germany.

 

Following its initial global launch on iOS, Crypto Trillionaire was featured by Apple as a “New Game We Love,” in 152 countries, including the United States. To-date, Crypto Trillionaire has achieved the following iOS metrics:

 

– Nearly 250,000 player downloads

– Excellent rating of 4.7 (out of 5.0) stars, based on over 4,000 player reviews

– Reached #3 Top Strategy Games in the United States

– Reached #89 Top Grossing for Strategy Games in the United State

– Achieved #1 organic search result for the term “Crypto” within the App Store

 

Tapinator’s CEO, Ilya Nikolayev, commented on the games release, “We achieved a very successful initial global launch with Crypto Trillionaire on iOS and we plan to invest significantly in future product updates and marketing with the intention of making Crypto Trillionaire a true category leader within the idle tapper genre across all major mobile platforms. The player response to the game has been fantastic and we are seeing solid metrics for both retention and ABPDAU (average bookings per daily active user). The idle tapper category has shown to support top grossing games with multi-year lifespans. We look forward to game enhancements that we expect will continue to improve player engagement and lifetime value, thereby allowing us to scale up our user acquisition budget. While it is still extremely early in the game’s lifecycle, based on what we have seen thus far, we believe Crypto Trillionaire will have a material positive impact on our 2019 bookings results.”

 

Crypto Trillionaire is the first of several planned major releases for Tapinator’s Category-Leading Games & Apps business for 2019. Future releases will be announced in the coming months.

 

About Tapinator

Tapinator Inc. (OTCQB: TAPM) develops and publishes category leading apps for mobile platforms. Tapinator’s library includes over 300 titles that, collectively, have achieved over 450 million mobile downloads, including notable properties such as Video Poker Classic, Dice Mage and Solitaire Dash. Tapinator generates revenues through the sale of branded advertising and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development and marketing teams located in North America, Europe and Asia. Consumers can find high-quality mobile entertainment wherever they see the ‘T’ character logo, or at http://tapinator.com.

 

Crypto Trillionaire is a mobile app game developed solely for entertainment purposes.  It does not allow players to purchase, accumulate, trade, or otherwise transact in actual cryptocurrency or crypto-assets of any kind.

 

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “feel,” “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. The forward-looking statements include, among other things, our intention to make Crypto Trillionaire a true category leader within the idle tapper genre across all major mobile platforms through significantly investing in product updates and marketing, our expectation that game enhancements will continue to improve player engagement and lifetime value thereby allowing us to scale our user acquisition budget and our belief Crypto Trillionaire will have a material positive impact on our 2019 bookings results.  Forward-looking statements in this release involve substantial risks and uncertainties that could cause the development and monetization of our mobile games and apps, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, our ability to invest our financial and development resources in a way that will lead to Crypto Trillionaire becoming a true category leader, our ability to continue to attract and retain Crypto Trillionaire players, the possibility of our competitors developing games that players prefer to Crypto Trillionaire, our ability to utilize Robot Cake Games to successfully increase the adoption of Crypto Trillionaire globally  and our ability to successfully develop updates and future features of Crypto Trillionaire which players will adopt. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company’s common stock on the OTC Market Group’s OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company’s operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company’s common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group’s OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, see Tapinator’s Risk Factors which are available within the disclaimers section of Tapinator.com.

 

CONTACT:

Tapinator Investor Relations

investor.relations@tapinator.com

914.930.6232

 

Source: Tapinator

TAPM News - Tapinator to Make Product Announcement at Leading Blockchain Conference

Tapinator Sponsors and CEO Will Speak on Panel at ETH Denver – NEW YORK, – (https://www.financialnewsmedia.com News Alert) – Tapinator, Inc. (OTCQB: TAPM), a leading developer and publisher of mobile games on the iOS, Google Play, Amazon, and Ethereum platforms, today announces that it is sponsoring and will speak on a panel at leading blockchain conference, ETH Denver on February 17th. The panel will focus on the intersection of blockchain & gaming and the Company will announce it first blockchain product, which will be released by Tapinator’s subsidiary, Revolution Blockchain, in Q2 of this year.

 

 

“We are very excited to attend and present at one of the industry’s top blockchain conferences. We believe that gaming is one of the most exciting verticals for blockchain technology and we look forward to sharing more information about our first product on February 17th,” commented Ilya Nikolayev, CEO of Tapinator. Read this and more TAPM news at https://financialnewsmedia.com/profiles/tapm.html

 

 

ETH Denver, along with its sister events, has over 2,500 people registered to participate in its events. The conference and hackathon focuses on emerging blockchain technologies (like Ethereum), which its organizers believe ‘could bring about the most significant technological and social advancements since the advent of the internet’. Notable ETH Denver sponsors, in addition to Tapinator, include Thiel Fellowship, CryptoKitties and MetaMask.

 

About Tapinator

Tapinator develops and publishes mobile games and decentralized apps on the iOS, Google Play, Amazon, and Ethereum platforms. Tapinator’s portfolio includes over 300 mobile gaming titles that, collectively, have achieved over 450 million player downloads, including games such as ROCKY(TM), Video Poker Classic, Solitaire Dash, and Dice Mage. Tapinator generates revenues through the sale of branded advertisements and via consumer transactions, including in-app purchases. Founded in 2013, Tapinator is headquartered in New York, with product development teams located in the United States, Germany, Bulgaria, Pakistan, Indonesia and Canada. Consumers can find high-quality mobile entertainment wherever they see the ‘T’ character logo, or the ‘Revolution Blockchain’ wordmark.

 

About ETH Denver

Decentralization is underway. In the coming years, emerging blockchain technologies (like Ethereum) will aid in distributing power from the center to the edges of our communities. This movement could bring about the most significant technological and social advancements since the advent of the internet. Ethereum Denver has supported the blockchain community since early 2014. Along with its sister events, there are over 2,500 people registered to participate in its events.

 

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “may,” “will” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this release involve substantial risks and uncertainties that could cause the next stage of our development, the deleveraging and strengthening of our balance sheet and the execution of our organic growth strategy to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, whether Revolution Blockchain will be successful in launching its first product by the second quarter of 2018, if at all, and whether such product will be well received in the marketplace, our belief that the applicability of blockchain technology will expand from currency trading to industry-changing applications and games and our belief that we are well positioned to become a leader within the decentralized apps market. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company’s common stock on the OTC Market Group’s OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company’s operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company’s common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group’s OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, see Tapinator’s Risk Factors which are available within the disclaimers section of Tapinator.com.

 

Contact:
investor.relations@tapinator.com
+1(914)930-6232

SOURCE Tapinator, Inc.

 

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About Tapinator

Tapinator was founded by a visionary team that has worked together to build mobile games and applications since 2007 and has achieved successful exits for their investors.

 

 

Meet our Executive Team:

 

 

Ilya Nikolayev, CEO

Ilya Nikolayev is an accomplished technology executive who previously served as the CEO and Co-Founder of Familybuilder. In 2007, Mr. Nikolayev created one of the first successful Facebook applications, Family Tree, and grew the property to over 6 million monthly active unique users and 45 million total users. Mr. Nikolayev raised venture capital funding, grew the business to profitability, and successfully sold Familybuilder to Intelius in 2011, generating a significant return for all of its investors. Mr. Nikolayev was also a co-founder at InAppFuel, a patented minigame software for mobile game developers that was sold to Tapinator in 2014. Prior to Familybuilder, Mr. Nikolayev worked in banking for JP Morgan. Mr. Nikolayev is a frequently cited industry expert who has appeared recently on Fox Business, Bloomberg and TheStreet. Mr. Nikolayev graduated cum laude from New York University.

 

 

Andrew Merkatz, President

Andrew Merkatz is a finance executive with 20 years of experience as an operator and investor in media and technology growth companies. From 2008-2015, Mr. Merkatz was a Managing Director of Investments at Vision Capital where he managed investments in digital media and software technology. Mr. Merkatz began his career at private equity firm, Interlaken Capital. He later served as Chief Operating Officer for Site-Specific, one of the first internet advertising agencies (sold to CKS Group), Vice President of Corporate Development at FLOORgraphics, a pioneering in-store media company (sold to News Corp.), and President of Predict It, a venture backed digital media company. In 2007, Mr. Merkatz co-founded Familybuilder, a leading Facebook app developer, which was sold to Intelius in 2011. In 2013, Mr. Merkatz co-founded InAppFuel, a developer of patented minigame software for mobile game developers that was acquired by Tapinator in 2014.  Mr. Merkatz joined Tapinator as the Company’s President in June of 2015.  Mr. Merkatz holds a B.A. in Economics, with distinction, from the University of Pennsylvania, and an M.B.A. from Harvard Business School.

 

 

 

Teymour Farman-Farmaian, Independent Director

Teymour Farman-Farmaian is currently Head of USA at XAPO, one of the world’s largest Bitcoin custodians. Previously, Mr. Farman-Farmaian was CMO at Spotify, the world’s leading music streaming service, a company he joined in 2011. Mr. Farman-Farmaian was responsible for subscription revenues and led a team of over 100 employees. He helped triple revenue growth to hit a $500 million run rate, and achieve 7.5 million DAU. In 2012, Mr. Farman-Farmaian left Spotify to focus on various start-ups with heavy viral and engagement components. Before Spotify, Mr. Farman-Farmaian spent close to two years with Zynga (ZNGA) as GM of Partnerships. There, he was responsible for Zynga’s multi-billion dollar partnership with Facebook as well as relationships with Yahoo (YHOO) and Google (GOOG). Mr. Farman-Farmaian

 

Company Overview

 

Tapinator develops and publishes mobile games and applications on the iOS, Google Play and Amazon platforms. Tapinator’s portfolio includes over 300 gaming titles that, collectively, have achieved over 450 million player downloads, including games such as ROCKY, Video Poker Classic, Solitaire Dash, and Dice Mage. Tapinator generates revenues through the sale of branded advertisements and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development teams located in North America, Europe and Asia. Consumers can find high-quality digital applications from Tapinator wherever they see the ‘T’ character logo.

joined Zynga after six years at Google where he held various roles including Director of European Sales Operations. Mr. Farman-Farmaian has a BA from Duke University and an MBA from Harvard University.

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