BLAINE, Wash., June 27, 2014 (GLOBE NEWSWIRE) -- Mobetize Corp.(OTCBB:MPAY) announces the closing of a private equity placement under which it sold 1,122,831 investment units for gross proceeds of $842,125.
Each investment unit consisted of one common share of our company's stock and one half-warrant. The warrants are exercisable at $1.00 per share and are valid for two years from issue. $58,500 financing fees are payable in cash associated with this private placement and 113,500 financing warrants will be issued on the same terms as those in the investment units.
Stephen Fowler, President, Mobetize Corp. stated, "We are pleased at the interest we have received from investors in regard to this financing. We are continuing to progress forward with the Mobetize suite of smart mobile solutions and building value for our shareholders. We recently returned from the International Money Transfer Conference USA 2014 in San Diego, CAhttp://www.imtconferences.com/imtc-usa-2014-participants/ and are enthusiastic about the reception our smartRemit solution is receiving amongst potential partners and customers. Mobetize looks forward to aggressively executing our plan of becoming a leader in the fast growing mobile payments industry."
About Mobetize Corp.
Mobetize Corp. (MPAY) is a technology leader in mobile commerce payment solutions. The Company's smart solutions platform empowers its customers to increase ARPU and decrease churn while making unsurpassed improvement to customer retention. Mobetize solutions shift existing e-commerce to mobile with unrivaled simplicity, efficiency and cost-effectiveness.
Mobetize's brand-able platform brings mobile devices secure and easy bill management, payments, recharge, domestic money transfers, international remittances, point-of-sale functionality and numerous other related technologies. Mobetize provides the industry's most complete mobile solutions platform to both telecommunications operators and payment gateways. For more information, visit http://www.mobetize.com.
This press release includes statements that are not historical in nature and may be characterized as "forward-looking statements," including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's previous filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
CONTACT: Stephen FowlerMobetize Corp.
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Institutional Marketing Services (IMS)
Source: Mobetize Corp