Quepasa Corporation (OTC:QPSA) reported the membership base for Quepasa.com, its popular online social network for the Latino community, grew by nearly 2.3 million in November to total more than 25 million total registered members. Shares of Quepasa jumped more than 10 percent today to $8.95 (a new 52-Week High) on heavy volume of 130,000 shares compared to its average daily volume of only 60,000 shares. Quepasa has a market cap of $120 million and a 52-week range between $1.50 and $8.95 per share.
These results reflect continued momentum in the growth of Quepasa's user base following the addition of 2.1 million in October, 2.0 million in September, and 1.8 million in August. Unique visits increased to 17.4 million in November from 16.3 million in October.
Quepasa.com continued to see growth momentum in its Brazilian user base, which accounted for 26% of new users in November. This represented the largest source of new users, and maintained Quepasa.com position as the fastest growing social network in Brazil on a percentage basis. Mexico was the second largest contributor at 14% of new users.
"The popularity of our unique positioning and differentiated branding among Latin Americans is clearly evident in our growth rate, which averaged more than 75,000 new users per day in November versus 66,000 in October," said John C. Abbott, CEO of Quepasa. "We also surpassed our membership target of 25 million users in 2010 a month earlier than expected, which represents a major threshold in our development."
Quepasa Corporation owns Quepasa.com, one of the world's largest, trilingual, Latino social networks. Quepasa.com is an authentic Latino community that provides fun, interactive, and easy to use social tools, and rich multimedia content in English, Spanish and Portuguese to embrace Latinos everywhere, and empower them to connect online, compete in contests and games and share their interests, ideas, and activities. Quepasa Corp. is headquartered in West Palm Beach, Florida with offices in Miami, Los Angeles, Scottsdale, and Hermosillo, Mexico.
For more information about the company, go to www.quepasacorp.com, or join for free at www.Quepasa.com.
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