Jerrick Media Holdings Inc (OTCMKTS: JMDA) announced some pretty big news today. In a press release issued early this morning, the company announced a proposed joint venture. Today, we’ll talk about the news, what it means for JMDA, and what we’ll be watching for ahead.
JMDA Announces Joint Venture News
As mentioned above, Jerrick Media made a big announcement this morning, In a press release, the company announced that it has entered into a Memorandum of Understanding (MOU) that outlines the terms of a proposed joint venture with Thinkmill, Inc.
Under the terms of the MOU, JMDA plans on working with Thinkmill to establish Abacus. Abacus will be a new entity based in Delaware that will retain a non-exclusive license of the Vocal technology, users, and content from Jerrick for a period of 5 years. The goal of the new entity is to establish solutions for content creators through the development of both the Vocal platform and the established communities and content that exist today. In a statement, Jeremy Frommer, CEO at JMDA, had the following to offer:
When the vision for Vocal was first conceived, we understood that moving from vision to reality required the most talented and advanced technology development team, and that these teams must align culturally. Thinkmill has exceeded our expectations across all metrics. Partnering to co-create additional products that can be leveraged to provide broader solutions in the marketplace is a natural next step.
The above statement was followed up by Jed Watson, co-CEO and co-founder at Thinkmill. Here’s what he had to offer:
The growth momentum that Vocal has demonstrated provides the proof of concept that has led to our decision to enter into a new partnership with the Jerrick Media team to leverage our collective know-how and create a new platform for content creators and online communities. We are looking forward to embarking on this new phase of creative partnership with the Jerrick team.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on JMDA. In particular, we’re interested in following this partnership and excited to learn more as the deal comes together. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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