Trig social media AB is delighted to announce acquisition of 50.5% of www.social-commerce.co and its holding company Fusion Finance
FOR IMMEDIATE RELEASE
Nacka Strand (pta/07.03.2016/09:00): Trig social media AB is delighted to announce acquisition of 50.5% of www.social-commerce.co and its holding company Fusion Finance with an option to acquire the remaining 49.5% toward the end of the year. The transaction will be completed with 9 million Trig Social Media shares to be issued shortly. The price for the remaining 49.5% is performance based.
Social-commerce.co is a gamified gig economy platform with an affiliate component that is about to launch within the next two weeks. What makes it unique is the mix of freebies, products and services connected with a social element. The expectation is that this platform should start generating revenue within two to four months after going live.
This acquisition is an exciting opportunity for both our product users and for shareholders. It creates a unique strategic opportunity of utilising our existing social media expertise and connecting it to social commerce.
This acquisition also marks the first major change based on our new operational strategy aiming to make the company cashflow neutral within the next twelve months. More changes are on the way and shortly will be communicated shortly. As a part of this, the board is also looking at redefining operational structure including outsourcing and licensing out some of the existing products on a revenue share basis in order to reduce running costs and speed up marketing.
About Trig Social Media (Publ.)
Trig Social Media (Publ.) is a global social media platform provider who has designed a range of social user-engagement product applications such as Trig.com, Trig Money, Momentik by Trig. The global growth of the company’s product applications is being developed directly with users as well as via country Franchisees, and affiliates.