Yappn Signs Three-Year Master Services Agreement
Globe Newswire NEW YORK, Dec. 1, 2014 (GLOBE NEWSWIRE) -- Yappn Corp. ("Yappn" or "Company") (OTCQB:YPPN) a leader in real-time language technology, today announced that it has signed a three-year Master Services Agreement and Scope of Work with Digital Widget Factory ("DWF"), a private global consortium that manages online user engagement for client programs in Asia, Europe, Central and South America, to execute the development, management and maintenance of a minimum of 200 multilingual Ecommerce and other revenue-based web sites, each optimized for mobile, portable and web consumers.
Based on the terms of the agreement Company management expects it to generate revenue up to $3,000,000 in 2015. For two (2) successive years the Company is under contract to produce an additional 400 multilingual Ecommerce and other revenue sites in 2016 and up to 525 additional sites in 2017. Contract execution terms include advance project pre-paid fees of a minimum of $250,000 to the Company in addition to 20% of the net profit on the program for the duration of the term.
In addition to the build and management process through its Ecommerce transaction suite of services, Yappn will also be engaged to provide multilingual online marketing through traditional online services and social engagement, including its multilingual social aggregation system, FotoYapp.
"This is a landmark agreement for the Company as we continue to execute on our revenue strategy, leveraging the natural migration of businesses toward expansion of Ecommerce well beyond traditional domestic markets," stated David Lucatch, Company Founder and CEO."We empower brands to globalize their offerings and build larger market shares by efficiently navigating the language barrier in real-time. We believe this agreement will provide the foundation for building long-term shareholder value."