IRVINE, CA, Nov. 03, 2022 (GLOBE NEWSWIRE) -- UA Multimedia, Inc. (OTC: UAMM), a technology holding company and solution provider in the areas of blockchain, fintech, digital asset, Web3 and electric vehicle, is pleased to provide updates on new application development and expansion plans.
After witnessing the Ethereum successfully transitioned from proof-of-work to proof-of-stake, the Company began to modify its NFT marketplace to support Ethereum as an additional payment method. Other currencies may also be supported in the future based on demand. The new marketplace will be expanded to accept listings of physical items in addition to digital assets.
To diversify and add additional revenue streams, the Company has partnered with Wanderport Corp to provide a few solutions gearing toward electric vehicles.
Leveraging Mr. Lajtay’s background in high performance cars such as Vector and Lotus and his network in the automobile industry, the Company will collaborate with Wanderport to offer EV conversion kits as well as electrification of classic internal combustion engine vehicles through its affiliated conversion shops. An app is also being developed to help people who wish to embark on EV conversion projects of their own.
The Company plans to introduce a media business geared towards EV news, education and promotion of electric vehicles and related technologies. Furthermore, the Company plans to introduce a variety of asset based general and EV NFT projects starting later this month.
One major obstacle that deters many owners from buying electric vehicles involves charge points. The Company is in the process of developing a solution to address certain areas related to this problem. A preliminary version of this solution is planned to be launched in Q1 2023.
To enhance the Company’s technical expertise, asset values and product offerings, it is in negotiation to acquire minority stakes of two technology firms. Both target candidates have a strong background in traditional software development as well as blockchain technology.
Through the partnerships, the Company expects to offer additional products as well as services such as development of enterprise, mobile and blockchain applications related to DeFi, GameFi, SocialFi, etc.
One of the candidates’ target market is travel and tourism. According to Facts and Factors, the global online travel market size was approximately $354 billion in 2021 and is anticipated to exceed $1.8 trillion by 2028.
Led by a team of seasoned technologists and entrepreneurs, the company will offer a smart contract solution that will allow travelers to maximize their booking, traveling and conference experiences. The company has a partnership with an extensive network of companies in the hospitality industry. Their concept has also received strong interest from large institutional investors.
“To adapt to the recent changes in the crypto market, we have made some adjustments to our business to ensure continued growth,” commented Michael Lajtay, CEO of UA Multimedia. “In addition to organic growth, we seek to grow externally by acquiring valuable assets with significant growth potential. We are in the execution phase and are very optimistic of the outcome for 2023.”
About UA Multimedia, Inc.
UA Multimedia, Inc. is a technology company and solution provider with a focus in blockchain, fintech, digital asset, Web3 and electric vehicle. It is also a holding company seeking to acquire domestic and foreign entities who are in the same space.
Corporate
Website: https://www.uammedia.com
Facebook: https://www.facebook.com/uamultimedia
Twitter: https://www.twitter.com/uamultimedia
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.
Contact
UA Multimedia, Inc.
Investor Relations
949.229.1208
ir@uammedia.com
