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SOURCE Remark Media, Inc.
Enters Global Mobile Travel Space
LAS VEGAS, May 7, 2014 /PRNewswire/ -- Remark Media, Inc. (NASDAQ: MARK), a global digital media company, today announced the acquisition of Hotelmobi, a company engaged in the development, ownership and operation of hotel booking applications. Hotelmobi plans to launch its widely anticipated "Roomlia" application in the third quarter of 2014.
According to PhoCusWright estimates, 25% of US online travel bookings will be made on a mobile device by 2015. Since 2011, mobile travel bookings in the US have grown 6.5x to $13 billion. By 2015, that amount is expected to surge to $40 billion.
Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Media, stated, "The Hotelmobi acquisition is an exciting opportunity for Remark Media to penetrate the rapidly growing mobile travel market. Hotelmobi's executive team, Michael Reichartz and Jim Ferguson, are renowned in the online travel space for their knowledge, expertise and innovation. They were part of the original team responsible for building and launching Expedia's hotel business in the US and Canada. We are fortunate to be able to leverage their experience as we strategically seek to capitalize on the global growth trends pertaining to mobile usage both domestically and in Asia."
Remark Media anticipates that Hotelmobi's "Roomlia" application will launch domestically in the third quarter of 2014. An Asia-based launch is currently planned for the first half of 2015.
About Remark Media
Remark Media, Inc. (NASDAQ: MARK) is an innovative digital media company focused on the 18-to-34 year old demographic. It operates across a variety of verticals including fashion, sports, entertainment, health and wellness, personal finance and informational know-how. Its properties deliver culturally relevant, dynamic content that attracts and engages users on a global scale. Remark Media has its corporate headquarters in Las Vegas, Nevada, with additional offices in Beijing, China.
This press release contains "forward-looking statements," as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be in the future tense, and often include words such as "anticipate", "expect", "project", "believe", "plan", "estimate", "intend", "will" and "may". These statements are based on current expectations, but are subject to certain risks and uncertainties, many of which are difficult to predict and are beyond the control of Remark Media. Relevant risks and uncertainties include those referenced in Remark Media's filings with the SEC, and include but are not limited to: our losses and need to raise capital; successfully developing and launching the Boxing Channel; reliance on third parties such as PPTV; ability to procure content and monetize audiences; restrictions on intellectual property under agreements with third parties; challenges inherent in developing an online business; reliance on key personnel; risks of business in foreign countries, notably China and Brazil, including obtaining regulatory approvals and adjusting to changing political and economic policies; governmental laws and regulations, including unclear and changing laws and regulations related to the internet sector in foreign countries, especially China; general industry conditions and competition; and general economic conditions, such as advertising rate, interest rate and currency exchange rate fluctuations. These risks and uncertainties could cause actual results to differ materially from those expressed in or implied by the forward-looking statements, and therefore should be carefully considered. Remark Media assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
Remark Media, Inc.
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