PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--LifeLogger Technologies Corp (OTCQB:LOGG) today announced the completion of three major milestones to accelerate its go-to-market strategy and path to profitability. LifeLogger has reduced its outstanding shares by almost half, secured $500,000 debt financing, and significantly improved traffic ranking of lifelogger.com.
First, LifeLogger redeemed 40 million shares of its common stock held by Consumer Electronics Ventures Corp. (“Consumer Electronics”), its former majority shareholder pursuant to the terms disclosed on Form 8-K filed with the SEC on May 18, 2016. The Company did not pay any cash compensation to Consumer Electronics for the redemption which was made in consideration of the intended increase in value of the remaining shares of common stock held by Consumer Electronics. Following the redemption, LifeLogger’s total shares outstanding were reduced to 54,411,144.
Second, LifeLogger secured $500,000 debt financing from SBI Investments LLC, pursuant to the terms disclosed on Form 8-K filed with the SEC on July 7, 2016.
Finally, traffic to LifeLogger has substantially increased thanks to its marketing efforts around Search Engine Optimization (SEO), organic growth, and adoption of its software platform. As a result, LifeLogger’s website ranking measured by Alexa.com (Owned by Amazon, Alexa ranks websites around the world based on the traffic to that site) has improved over 1 million places since the beginning of the year to its current spot of 241,429 position in the world and climbing.
Andres Espineira, LifeLogger’s Chief Marketing Officer noted, “We are very pleased by the success of our marketing efforts resulting in substantial increased traffic as demonstrated by our vast improvement on website ranking. The additional funding LifeLogger has secured will help us accelerate our growth efforts and begin moving on to the second phase of our strategy later this year executing on our revenue model.”
LifeLogger is a location smart media cloud service providing the ability to capture, store and livestream your memories enriched with geo-location and other relevant information. With the release of iOS, Android and GoPro apps, LifeLogger aims to be device agnostic with future developments for other wearable and/or sensor devices. The LifeLogger platform enables easy retrieval of media in multiple ways including geography, face detection and other textual tags to help users find videos and images. For more information about LifeLogger Technologies, Corp please visit http://lifelogger.com/.
Forward Looking Statements - Safe Harbor
This press release contains forward-looking statements that involve risks and uncertainties concerning the plans and expectations of LifeLogger Technologies, Corp. to provide innovative wearable technology and related software applications and its expectations for future revenues. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. The potential risks and uncertainties include, among others that the anticipated success of our technology may not be as expected. More information about potential factors that could affect our business and financial results is included under the captions, “Risk Factors” in our Form 10-K for the year ended December 31, 2015 which have been filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at http://sec.gov/.