HotApp has customized a secure “app” for iGalen’s communication and management system which will allow instant messaging, voice-calls, social media and personal brand-building for network members. The app will also enable iGalen’s distributors and team leaders to monitor sales revenue of their downline members over mobile devices – all fully integrated with iGalen’s existing IT infrastructure.
Under the terms of the agreement, iGalen, a U.S.-based network marketing company and 53% owned subsidiary of Singapore Exchange-listed Singapore eDevelopment Limited (“SeD”), will share 3% of its entire annual global revenue with HotApp for the financial year ending 31 December 2017 (“FY2017”). Thereafter, the revenue sharing model will be reviewed based on the number of app users. In turn, HotApp will be responsible for maintaining and upgrading the app platform, as well as providing the required cloud infrastructure.
HotApp will absorb the cost of development of the app, and will not charge individual members for use of the app’s standard functions.
Mr. Chan Heng Fai, Group Chief Executive Officer of SeD, said: “This agreement is a major milestone for HotApp and underscores its attractiveness as a unique and customizable platform for enterprises. HotApp is poised to disrupt the network marketing industry and we look forward to more collaborations.”
HotApp, a subsidiary of SeD, has to-date secured two other contracts to develop a mobile app and backend platform for a real estate agency business in China and a hospitality e-commerce business in Hong Kong and Japan.
The above three contracts were secured following the realignment of HotApp’s strategy since the start of FY2016 to focus on business-to-business services, built around enterprise communications and workflow, instead of business-to-consumer services previously. Under this strategy, its product lines target the following industries: (i) network and direct marketing; (ii) enterprise Voice-over-IP; (iii) enterprise messaging; (iv) real estate; (v) social media; (vi) e-commerce; (vii) investor relations; (viii) healthcare and wellness; and (ix) hospitality, combining HotApp applications with hotel guest room management. This strategic shift is intended to create commercial value with a sharper focus.
About HotApp – www.hotappinternational.com
HotApp is an integrated platform that empowers communities to connect. Built around enterprise communications and workflow, HotApp’s tailor-made solutions are able to support a range of industries including network marketing, real estate, hospitality and e-commerce.
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. These statements relate to, among other things, the Company’s expectations regarding the completion of the acquisitions described in the press release on the terms and conditions described herein, the expected closing dates of these acquisitions; and the expected lease terms. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties are described in greater detail in the Company’s filings with the United States Securities and Exchange Commission (the “Commission”), including, without limitation, the Company’s annual and periodic reports and other documents filed with the Commission. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The Company undertakes no obligation to update these statements after the date of this release.
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