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Lateral Doubles Sales and Subscribers

Lateral Doubles Sales and Subscribers


Auckland, New Zealand, 9 September 2016.

Lateral Corporation is pleased to announce a doubling of subscriber numbers since 1st July 2016. Current subscribers stand at 2,017, up from 993 on 3rd July 2016.

Roger Grice, CEO of Lateral Corporation, reports that ³the most pleasing aspect of the growth in subscribers is that they have been achieved on the new pricing plan which averages AUD 21.50 per month per subscriber. Lateral markets innovative social entertainment products such as OZchat in association with media channels including Telstra Media and the current uptake in these products is very strong.²

Roger Grice also comments that ³if the current net increase of over 30 customers per day continues, the company is confident that it will reach its break-even target of 4,500 subscribers within the next 6-month period. This rapid growth has been achieved with new working capital as a result of Lateral restructuring debt and fundraising from convertible notes. Internal restructuring, cost reduction with suppliers and refinement of technology and systems have also contributed to Lateral¹s progression. This has led to significant reductions in operating costs during the last 12 months.²

Lateral Corporation¹s directors have announced their intention to offer current shareholders the opportunity to participate in the growth of the company through a Share Purchase Plan. Thecompany expects the proceeds from the Share Purchase Plan to fund the company into positive earnings.

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About Lateral Corporation

Lateral is a pioneer in mobile payments, mobile marketing and advertising, and distribution of user-pays mobile digital products and services. Lateral¹s platform generates revenue for media companies and mobile phone companies.

Lateral is a specialist with Direct Carrier Billing where products and services are billed directly to the customers¹ mobile phone account.

Well known for providing the paid voting services for virtually all New Zealand¹s interactive TV events such as NZ¹s Got Talent, Lateral has also delivered high value revenue streams to all mobile carriers in New Zealand, Australia, Canada and USA.

About Direct Carrier Billing: DCB

Lateral is a pioneer in marketing goods and services using Direct Carrier Billing (DCB), where the products are charged directly to the customers¹ phone account or pre-pay balance via a secure connection to the mobile phone companies billing system. Considered the most effective digital payment method available today, DCB is expected to grow rapidly with to a market size of $24 Billion USD, by 2019 (Ovum Research). Lateral is one of a relativity small number of companies working successfully with this challenging technology.


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