Eventure Interactive Inc (OTCBB:EVTI) reported that it finalized a licensing and development deal with Reve Technologies Inc (OTCBB:BSSP). The deal is made to integrate Reve’s Hush Chat messaging technology into Eventure’s Social Calendaring app.
The details
As per the finalized deal, Eventure will have the right to work upon Reve’s Hush Chat platform. It can distribute the messaging service on global platform under the Eventure brand. For the integration of messaging platform, Reve will be entitled to get a part of revenue as usage and adoption occurs. Jason Harvey, the CEO said that there has been a steady demand of anonymous messaging feature by the early adopters of Eventure. They wanted to have a feature using which they can transfer cash in a secure manner.
Hush Chat’s platform and Eventure’s ability to advance upon it matching the users’ needs transforms this deal into an excellent opportunity. David Forster, the CEO of Reve said that with the overall success of Snap Cash and Snap Chat, they are delighted with the deal. The team of Eventure will be able to leverage messaging platform for usage during event participation and event planning.
The momentum
The stock price of Eventure barely moved in the first half of the year. However, it started to decline in June and the descent got steeper on increased volume. The stock started to fetch attention of stock commentators including Coral Gables which added to the publicity. The problem is Eventure is in a dismal financial state and it will become extremely tough for Eventure’s stock to handle the attention.
As per 1Q2015 report, the company posted cash of $1,000. The total assets came at $76,000 against current liabilities of $2.2 million. Unfortunately, the company generated no revenue while net loss was $4.3 million.
In last trading session, the stock price of Eventure jumped more than 17% to close the trading session at $0.00470. The gains came at a share volume of 52.86 million much higher than monthly average share volume of 9.13 million.
