16:12:12 EDT Sat 22 Jun 2024
Enter Symbol
or Name

Fundamental Applications Corp
Symbol FUN
Shares Issued 23,666,119
Close 2016-05-10 C$ 0.24
Market Cap C$ 5,679,869
Recent Sedar Documents

Fundamental's app has 23,209 downloads since relaunch

2016-05-12 07:12 ET - News Release

Mr. Bradley Moore reports


Fundamental Applications Corp. is providing a user-install update as of May 8, 2016, of its revolutionary Foro Student Marketplace app by Foro Technologies Inc., the company's wholly owned subsidiary.

As of the February, 2016, relaunch of its Android app, Foro Technologies has acquired 23,209 new downloads. Net active user installs, after churn, are 21,027, which represents an increase of 232 per cent in 90 days, up from 9,996.

The Foro Student Marketplace app has expanded globally and is now available on 7,000-plus English-speaking campuses in Canada, the United States, Australia, United Kingdom, Ireland, New Zealand, India and South Africa. This combined global student population is in excess of 47.8 million students.

"I am pleased to announce the user update results of our last 90 days of activity," said Fundamental chief executive officer Brad Moore. "In this short time we have rebuilt and relaunched both iOS and Android apps. Product enhancements have enabled us to expand globally and be used by students in eight countries. Through an aggressive social media outreach strategy to targeted campuses, we have seen a viral level growth of non-paid downloads. As such, our average user acquisition cost is under $2, well within industry standards. With these results we will be targeting an additional 25,000 downloads in the next 30 days for total active installs of 65,000 by June 30, 2016."

The Foro Student Marketplace app is leading a revolution in localized buying and selling behaviour on campuses. The Foro app provides users with a fun, easy and safe experience to turn things they don't need or want into cash. Via Foro, app users can transact business with trusted individuals, many of whom they may know personally as classmates or through social media, all located at the same campus.

We seek Safe Harbor.

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