Yappn Provides an Operational Update
Focus on Transitioning from Development is Key Priority
NEW YORK, NY – September 8, 2016 – Yappn Corp. (“Yappn” or “Company”) (OCTQB: YPPN), a real-time innovative language solutions Company provides an update from Ed Karthaus, President and CEO.
“It has been just over six months since I joined Yappn Corp. as President and CEO, and I wanted to take this opportunity to provide an operational update from Yappn to our stakeholders.
I was very excited to join Yappn and continue to share this excitement going forward. From the very beginning, I understood that Yappn’s technology has tremendous potential. When I joined the Company, I also knew that along with the potentially great opportunities, there were business and operational challenges. One of these challenges was restructuring Yappn’s operations into distinct areas of focus, each with the goal of achieving sustainable recurring revenue.
Together with the management team at Yappn we have now crafted an ambitious plan with a very careful approach to ensure that we have clearly defined roles and targeted initiatives while eliminating redundancies. The Company aims to achieve its goals and realize its transformation into a profitable enterprise by implementing methodical strategies and a focused sales approach.
The Company’s operations were previously more weighted towards platform development, marketing and eCommerce, with supplemental product offerings available on the front end and back end of the eCommerce cycle. There were certain limitations with following this approach which did not allow Yappn to maximize elements of the available market effectively. To broaden our focus, we have initially segmented Yappn’s solutions into five distinct categories:
- eCommerce Translation: real-time translation capability for eCommerce providers that seek to exploit new markets aggressively and cost effectively;
- Customer Care: Real-time translation of chat-based customer care solutions;
- Enhanced Messaging: Real-time translation support for social, business and gaming sharing & messaging platforms;
- Marketing Services and Intelligence: Multilingual online marketing engagement, socialization and monitoring tools such as Social Wall, Global Tweets, Twitter Chats, multilingual subtitling and social media monitoring;
- Dynamic Website Translation: Single site translation instead of localizing multiple sites, enhancing SEO and capturing new markets by communicating without a language barrier.
We are keenly aware that technologies and trends in the language arena are evolving almost as fast as we are. For this reason, Yappn exposes and makes available its technology via a secured API to enable entrepreneurs to enhance their innovations with language capabilities. This secure credential-enabled connection is available in SaaS or pay per use models and can be tested in sandbox environments.
In conjunction with the above refinements to the operational focus, Yappn is continuing to develop a strong sales culture. Earlier this year we hired Steve Taylor as the Chief Sales Officer. Before joining Yappn, Steve was the CEO of Resolver, overseeing all aspects of the business including sales, marketing and technology, and prior to that, he was an instrumental part of Cyberplex’s growth in revenue from $1Million to almost $40 Million over a five-year period. Since Steve’s arrival he has worked closely with me to implement a direct and indirect sales model and has created and enabled referral and reseller partner programs. The Company is aggressively pursuing relationships on a global basis and has already signed partners in both categories.
At the same time, Anthony R. Pearlman was appointed Chief Technology Officer. He has over 25 years’ background in all facets of enterprise technology and business development combined with an extensive relationship network and global technology market knowledge. He served as President of Enghouse Systems Limited (TSX: ESL) for over five years where he was responsible for the operational management and diversified offering of enterprise software and service solutions and prior to that he was the CIO for Valu-net Corporation. Together with his team, Mr. Pearlman has been instrumental in creating and delivering the solutions we need to achieve the Company’s goals.
Our South East Asian Partners, Ventris Capital, are re-energized as a result of this refined focus and we are seeing an increased number of solid leads coming in. We intend to announce an update on these developments in due time.
We recently implemented a new Advisory Board to provide support, direction, advice and assistance as we continue to build Yappn. We have also had a strong commitment from our Board of Directors by way of providing both strategic direction and continuing financial support.
We have reached an agreement to restructure the majority of the outstanding amounts owed to unsecured debenture holders and will continue to engage with the remainder of the unsecured debt holders to come to an agreement that will work for both parties.
We have made good progress so far in building the basis for revenue generation and we have identified targets that we must meet in order to achieve our success. While we have much more work ahead of us, I am very proud of our core team and we are all committed to our strategy and success. As we move forward we will look into untapped opportunities and build upon our relationships and partnerships to take Yappn to the next level targeting to become a solid growth Company.”
President and CEO
Yappn Corp. (OTCQB: YPPN) empowers clients to grow their business and capture new markets through its proprietary innovative language solutions. Offering a complete customizable set of tools to engage consumers in up to 67 languages, Yappn’s technology gives people, brands and organizations the power to be social, conduct commerce and communicate freely without a language barrier.
For more information, please visit http://www.yappn.com or contact:
Jeanny So, VP, Corporate Communications
T: 1.800.395.9943 x 228
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Forward Looking Information
Legal Notice and Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, and those preceded by or that include the words “believes,” “expects,” “given,” “targets,” “intends,” “anticipates,” “plans,” “projects,” “forecasts” or similar expressions, are “forward-looking statements.” Although Yappn Corp.’s management believes that such forward-looking statements are reasonable; it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the SEC including the Current Reports on Form 8-K and the Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.