BOCA RATON, Fla.--(BUSINESS WIRE)--IDI, Inc. (NYSE MKT: IDI), an information solutions provider, today provided a business update in conjunction with the Company’s transition into the high-growth data fusion market.
IDI has made the strategic decision to focus all of its operations and resources to further accelerate its growth within the data fusion market. As a result, the Company has discontinued its China advertising services business.
Following the acquisition of Interactive Data, it has been the central focus of IDI to leverage the 50+ years of combined experience of its management team and its cutting-edge, advanced data analysis solutions to be a primary provider of data fusion for the Risk Management and Marketing industries, which represent a $13.6 billion market. In the pursuit of becoming a leader in this market, the Company has made the decision to consolidate its operations and focus all future investment on its information solutions.
Mr. Dubner, Co-CEO of IDI, Inc. stated, “We believe our new business focus will yield strong returns for our shareholders and take IDI to a new level of growth in the near future. Focusing all of our strategic efforts and resources on our information solutions business allows the Company to continue its advancement within the high-growth data-fusion market with a clean balance sheet and strong financial position.”
Additionally, in connection with the Company’s focus on its U.S. operations, the Company has appointed Aaron Solomon as Interim Chief Financial Officer of US Data Fusion Operations and Jacky Wang, the Company’s former Chief Financial Officer, was appointed as Chief Accounting Officer.
About IDI, Inc.
IDI, Inc. is an information solutions provider focused on the multi-billion dollar data fusion market. IDI delivers otherwise unattainable insight into the ever-expanding universe of consumer- and business-centric data. Through proprietary linking technology, advanced systems architecture, and a massive data repository, IDI will address the rapidly growing need for actionable intelligence to support the entirety of the risk management industry, for purposes including due diligence, risk assessment, fraud detection and prevention, authentication and verification, and more. Additionally, IDI's cross-functional core systems and processes are designed to deliver an unrivalled level of clarity into consumer data to support advanced marketing analytics.
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This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements include statements about whether our new business focus will yield strong returns for our shareholders and take IDI to a new level of growth in the near future. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the risks set forth in IDI’s Annual Report on 10-K, filed with the SEC on April 15, 2015, as well as the other factors described in the filings that IDI makes with the SEC from time to time. You are cautioned not to place undue reliance on these forward looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.