10:27:15 EDT Fri 12 Jul 2024
Enter Symbol
or Name

Fundamental Applications Corp
Symbol FUN
Shares Issued 23,666,119
Close 2016-05-25 C$ 0.17
Market Cap C$ 4,023,240
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Fundamental's Foro app has 7,531 products for sale

2016-05-27 06:51 ET - News Release

Mr. Bradley Moore reports


Fundamental Applications Corp. is providing the number of products listed for sale on its revolutionary Foro Student Marketplace app by Foro Technologies Inc., the company's wholly owned subsidiary.

As of May 26, 2016, university students using the Foro app have uploaded 7,531 products for sale with an approximate aggregate value of $786,557 (based on an average selling price of $107). Additionally Foro Technologies has surpassed its 30-day 25,000-new-app-download target by achieving 30,000 new app downloads in just 14 days.

"The increasing number of downloads converting to installs and, ultimately, products posted is very good," explained Fundamental chief executive officer Brad Moore. "We are trending to reach $1-million in the value of products listed by next week. With the Foro app gaining trust among students, we are confident about accelerating our monetization strategy. This is critical because the Fundamental business model is based on creating revenue from our users across multiple apps. We think of ourselves as a mall with many retailers, and Fundamental Applications owns both the mall and retailers. The focus on driving Foro user growth will create a dynamic user base we will be introducing to newly acquired apps over the next few months."

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