VANCOUVER, British Columbia, May 12, 2015 (GLOBE NEWSWIRE) -- Fundamental Applications Corp. (" Fundamental ") (CSE:FUN), a leading developer of innovative, millennial-targeted smartphone applications, today announced the launch of the Foro Student Marketplace for Android-based smartphones. The completion of this key milestone is the first feature release by Fundamental following the IP acquisition of Foro Technologies.
The Android operating system is the most widely adopted platform for wireless smartphones around the world, representing approximately 81% of the global market according to data collected by the International Data Corporation. In North America, Android represents 58% of the market as reported by Kantar Worldpanel. The release of Foro for Android opens the product up to millions of North American students previously un-reachable on an iOS-only product.
"Launching Foro on Android is a major accomplishment for our company," commented Richard Whitehead, CEO of Fundamental Applications. "Opening up Foro to students with Android devices instantly doubles our potential user-base because it's the platform of choice for a significant percentage of our target audience. The Android launch also represents a big step forward in our go-to-market strategy for Foro as it is the first completed item in our newly minted product development process. This release validates our ability to produce stable, scalable technology and positions Foro for exponential user growth."
"We have an aggressive feature development and release plan for Foro," said Ali Saheli, CTO of Fundamental Applications. "Android is the first of many new features and product enhancements our users will benefit from in the weeks and months to come. It's a popular platform amongst North American students and will lead to significant user adoption as we increase target market awareness on campuses across the country."
The Foro student marketplace is now available on both iOS and Android platforms which combine to represent 94% of smartphones in North America. There are an estimated 24.5 million students in North America on 5,084 campuses. In the United States alone, there are an estimated 171.5 million (71%) smartphone users with 77 million between the ages of 18-35.
About Fundamental
Fundamental Applications Corp. (CSE:FUN) designs, develops, markets, and acquires innovative mobile applications targeted at the "Millennials" generation; people born in an age of digital technology, internet access, and smart phones. This demographic is an early adopter of mobile technology, has significant discretionary income, and is lifestyle driven with a willingness to try new things. Their three leading mobile platforms are Foro: a peer-to-peer mobile ecommerce marketplace, Truth: a one-to-one anonymous messaging app previously listed in the top 100 social networking apps in the Apple App Store, and Serum™: an app that enables users to post questions to their friends and receive answers anonymously.
For more information about Fundamental Applications Corp, visit them online at www.FunAppCorp.com , or review their company profiles on the SEDAR website www.sedar.com and on the CSE website www.thecse.com . To schedule an interview, please contact:
Richard Whitehead CEO, Co-Founder Telephone: 604.563.4225 Email: info@funappcorp.com www.FunAppCorp.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Fundamental. Forward-looking information is based on certain key expectations and assumptions made by the management of Fundamental. Although Fundamental believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Fundamental can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Fundamental disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
