IRVINE, CA, (GlobeNewswire – April 19, 2018) – UA Multimedia, Inc. (OTC: UAMM), a solution provider of cannabis ancillary products and services and crypto technology, today announces development update and outline of its crypto strategy.
Work is ongoing in the design and development of the company’s cannabis ecosystem which will include free and premium ads, service provider finder, ecommerce store, profile database for professional networking, personal profile for social interaction, discussion forums and media channels. The ecosystem will consist of a collection of various websites and mobile apps.
The company is in the process of forming a new wholly owned subsidiary which will function as the main entity for the ecosystem. The entity will issue ERC20 utility tokens on the Ethereum blockchain which can be earned as customer and service rewards or purchased directly from the company. The tokens will be offered to all UA Multimedia’s shareholders at a discount. Additional information of the tokens and procurement details will be provided in the near future. Pending successful development, the tokens will be listed to trade on several crypto exchanges later this year.
In addition to the usage within the company’s ecosystem, the tokens can be used to purchase other cryptocurrencies as well as use on other platforms. Management plans to form partnerships with various other companies in the cannabis industry to adopt and proliferate the use of the tokens.
The cannabis industry has seen slow development since Jeff Session rescinded the Cole Memo early this year. However, last week President Trump had shown willingness to back state level marijuana regulation, a step necessary to reignite and foster growth in the industry. As a result of this development, the company will begin revisiting initiatives that it had put on hold due to Session’s action. Further information about these efforts will be provided as progress is made.
“This is an exciting time for UA Multimedia with the convergence of several major developments in the cannabis and crypto arena. We have major projects in the works that will capitalize on these developments and believe they will create significant company growth and shareholder value,” commented Michael Lajtay, President and interim CEO.
About UA Multimedia, Inc.
UA Multimedia, Inc. is a solution provider of cannabis ancillary products and services and crypto technology. The Company currently own and maintains MJCircle.com, a classified ads portal and Cannaxa.com, a service finder portal.
Company website: https://uammedia.com
Cannabis classified ads website: http://www.mjcircle.com
Cannabis service finder website: http://www.cannaxa.com
Facebook: https://www.facebook.com/uammedia, https://www.facebook.com/mjcircleads, https://www.facebook.com/cannaxa, https://www.facebook.com/cannamedi
Twitter: https://twitter.com/MJCircleAds, https://twitter.com/cannaxa
Forward Looking Statements:
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management’s control. UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
UA Multimedia, Inc.