Terminates Advertising Agreements with Beanstock Media

NEW HOPE, Pa.–(BUSINESS WIRE)–
MeetMe, Inc. (NASDAQ: MEET), the public market leader for social
discovery, today announced that it has terminated its agreements with
Beanstock Media, Inc. pursuant to which Beanstock managed the majority
of MeetMe’s web and mobile ad inventory. Effective yesterday, MeetMe has
resumed managing its advertising inventory in-house.

Geoff Cook, Chief Executive Officer of MeetMe, said:

“In the past two years, we have outsourced our ad management to
Beanstock and another partner to reduce the impact of seasonal trends in
the advertising market. During that time, we maintained the capability
and staff to manage our inventory internally in case we decided to do so
again. We have resumed that management and are confident that we will
continue to monetize and capitalize on the growth in engagement we have
seen on our mobile platform.”

David Clark, Chief Financial Officer of MeetMe, added:

“We do not expect to incur any additional operating costs as a result of
this change and continue to expect to achieve our previously provided
revenue guidance for the full year 2015 of $47 to $53
million. Additionally, we expect to achieve adjusted EBITDA within our
previous guidance range of $8 to $11 million for the full year. However,
due to the transition back to our own internal management of our mobile
and web advertising inventory during the quarter, we are revising our
second quarter revenue and adjusted EBITDA guidance to reflect this
change. We now expect revenue for the second quarter to be in the range
of $9.0 to $9.5 million, with an adjusted EBITDA range of $250,000 to
$750,000. All guidance amounts are subject to change based on our
determination of the collectability of all amounts owed by Beanstock.
Beanstock represents approximately $5.8 million in accounts receivable,
of which approximately $2.25 million is overdue. None of these amounts
is in dispute.”

About MeetMe, Inc.

MeetMe® is the leading social network for meeting new people in the US
and the public market leader for social discovery (NASDAQ: MEET). MeetMe
makes it easy to discover new people to chat with on mobile devices.
With approximately 80 percent of traffic coming from mobile and more
than one million total daily active users, MeetMe is fast becoming the
social gathering place for the mobile generation. MeetMe is a leader in
mobile monetization with a diverse revenue model comprising advertising,
native advertising, virtual currency, and subscription. MeetMe apps are
available on iPhone, iPad, and Android in multiple languages, including
English, Spanish, Portuguese, French, Italian, German, Chinese
(Traditional and Simplified), Russian, Japanese, Dutch, Turkish and
Korean. For more information, please visit meetmecorp.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, including whether we will continue to monetize and capitalize on
the growth in engagement we have seen on our mobile platform, whether we
will incur any additional operating costs as a result of the termination
of our agreements with Beanstock, whether we will achieve our previously
provided revenue guidance for the full year 2015 of $47 to $53 million,
whether we will achieve EBITDA within our original guidance range of $8
to $11 million for the full year, whether our revenue for the second
quarter to be in the range of $9.0 to $9.5 million, with an adjusted
EBITDA range of $250,000 to $750,000, and whether guidance amounts will
change based on our determination of the collectability of all amounts
owed by Beanstock. All statements other than statements of historical
facts contained herein are forward-looking statements. The words
“believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,”
“should,” “plan,” “could,” “target,” “potential,” “project,” “is
likely,” “expect” and similar expressions, as they relate to us, are
intended to identify forward-looking statements. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we believe may
affect our financial condition, results of operations, business strategy
and financial needs. Important factors that could cause actual results
to differ from those in the forward-looking statements include the risk
that our applications will not function easily or otherwise as
anticipated, the risk that we will not launch additional features and
upgrades as anticipated, the risk that unanticipated events affect the
functionality of our applications with popular mobile operating systems,
any changes in such operating systems that degrade our mobile
applications’ functionality and other unexpected issues which could
adversely affect usage on mobile devices. Further information on our
risk factors is contained in our filings with the Securities and
Exchange Commission (“SEC”), including the Form 10-K for the year ended
December 31, 2014 and our Quarterly Report on Form 10-Q for the quarter
ended March 31, 2015. Any forward-looking statement made by us herein
speaks only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to time,
and it is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether as
a result of new information, future developments or otherwise, except as
may be required by law.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150603005476/en/

Investors:
MKR Group Inc.
Todd Kehrli or Jim Byers,
323-468-2300
meet@mkr-group.com

Source: MeetMe, Inc.