Mobi724 (MOS:CSE) Signs Commercial Agreement and Closes Private Placement
MOBI724 Global Solutions Inc. Subsidiary iQ724 Inc Signs Commercial Agreement with Bane-Welker and MOBI724 Global Solutions (MOS:CSE) Closes $ 217,000 Private Placements
– Momentum Public Relations –
Press Release: November 1, 2016
MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (CSE:MOS)(CSE:MOS.CN), a Fintech leader offering all in one fully integrated EMV payment, card link couponing and digital marketing is pleased to announce that iQ724 Inc. (“iQ”) a wholly owned subsidiary of MOBI724 has signed a commercial agreement with Bane-Welker Equipment to design, implement and operate a loyalty and digital marketing program for its 13 CaseIH agricultural dealerships in Indiana and OhioThe customer will also benefit from the Data Analytics and its business intelligence services.Bane-Welker Equipment is iQ’s first turnkey loyalty and digital marketing program in the United States. Bane-Welker’s 13 CaseIH agricultural dealerships is complemented by the other 13 Case IH agricultural dealerships that iQ also services in Canada.
The Company is also pleased to announce that it has successfully closed a second tranche equity private placement in the aggregate amount of $217,000.00 dollars by issuing 4,340,000 common shares (“Shares”) at $0.05. For each common share received, the subscribers were issued one common share purchase warrant at an exercise price of $0.15 exercisable on or before August 31st, 2018 after which they shall expire. The Company also converted of bona fide debt in the amount of $10,000.00 at a price of $0.05 per common share and $45,000.00 at a price of $0.063 for an aggregate issuance of 914,285 common shares.
The Shares were sold pursuant to exemptions from prospectus requirements to purchasers in Canada and are subject to a hold period of four months and one day following the closing of the private placement. The Shares are listed on the Canadian Securities Exchange (CSE). The Company will use the net proceeds to support project deployments of the Company’s solution, for ongoing obligations and for working capital requirements. Since August 31, 2016, the Company has raised $ 2.467 million dollars and this second tranche closing totals $467,000.00 in the aggregate with respect to the $1 million financing announced on September 6, 2016
About Bane Welker Equipment, LCC
Bane-Welker Equipment is a privately-owned Case IH agriculture equipment dealership with 13 locations in the Midwest United States. www.bane-welker.com
About iQ724
iQ724 is based in Montreal and was founded in 2007. iQ724 provides a customer retention/loyalty marketing platform to medium and large merchants iQ724 also provides professional services, digital marketing, data analytics and business intelligence solutions as part of their offering .For more information, visit: www.iq724.com
About Mobi724 Global Solutions
MOBI724 Global Solutions Inc. (CSE:MOS)(CSE:MOS.CN), a leader in the Fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of Payment & Digital Marketing solutions. We are innovating in our market with a combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any mobile device. We pioneered in adding intelligence to all types of transactions benefiting banks, retailers and cardholders. We succeed in leveraging all available user and purchasing data to increase transaction volumes and spend. MOBI724 provides a turnkey solution to its clients to capture card transactions on any mobile device, at any point of sale or from any payment card. Our easy-to-adapt gateway Switch is designed for easy integration with all payment protocols in our target markets. Within the same solution suite we combined our Card Linked Offers solution, and provided financial institutions´ payment card portfolios and retailers the ability to add offers and/or coupons which can be redeemed directly at the Point of Sale, in a seamless user experience for all the parties in the eco-system.
MOBI724 Global Solutions unleashes the true potential of both payment and card-linked couponing/rewards transactions for both online and offline points of sale (POS).
The Corporation provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enables card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and “track and measure” incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Our credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
MOBI724’s PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market enabling multi layered intelligent transactions therefore SMART TRANSACTIONS.
- Published in Financial Technology, Mobi724 Global Solutions, Mobile Technology, News Home
Mobi724 Global Solutions Inc. (MOS:CSE) Announces the Closing of the Acquisition of IQ 7/24 Inc
Mobi724 Global Solutions Inc. (MOS:CSE) Announces the Closing of the Acquisition of IQ 7/24 Inc. and the Closing of a $662,000 Private Placement
– Momentum Public Relations – Dec.24, 2015
Mobi724 Global Solutions Inc. (“Mobi724” or the “Company”) (MOS:CSE), a technology leader in the digital incentives, couponing and payment space, announces that it has successfully completed the acquisition of 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the issued and outstanding shares of IQ 7/24 Inc. (the “Shares of IQ 7/24”), a leading Canadian provider of loyalty and customer-engagement solutions. The transaction is subject to the procedural formality of IQ 7/24 obtaining approval from its two (2) financial institutions.
The transaction includes an equity investment of $500,000 by Mobi724 in IQ 7/24 (the “Equity Investment”), exclusively for the purpose of growing IQ 7/24’s business. An initial $100,000 of the Equity Investment was disbursed at the date of the closing of the transaction on December 22, 2015, a second tranche of $150,000 of the Equity Investment will be paid prior to December 31, 2015 and the remaining amount of $250,000 of the Equity Investment will be disbursed in 3 instalments in January, February and March 2016. The purchase price for the Shares of IQ 7/24 will be paid in 2018 and will be based on agreed upon multiples of the revenue generated by IQ 7/24 in 2017 and during the first 6 months of 2018. The Equity Investment will be applied towards the purchase price of the Shares of IQ 7/24 acquired on December 22, 2015 and the payment of the balance of the purchase price (the “Balance”) will be paid 70{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in cash and 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in common shares of Mobi724 however the sellers have the option of receiving a larger percentage of the Balance in common shares of Mobi724 and a lower percentage of the Balance in cash.
In addition to creating a gain in operational efficiencies, through the sharing of datacentre, administrative and operating facilities, this acquisition will enable Mobi724 to incorporate IQ 7/24’s portfolio of global brands), as well as a full suite of additional loyalty functionalities, into Mobi724’s portfolio of solutions, including data analytics and expertise and rules based transactional platform. This acquisition will also add IQ 7/24’s proven capabilities to leverage data intelligence functionalities to enhance the global portfolio profitability of issuers’ cards.
“I.Q. 7/24’s multi-year agreements provide an attractive revenue model as they generate 95{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of recurring revenues,” stated Marcel Vienneau, CEO of Mobi724.
“We have been working closely with Mobi724 for some time and we are excited to formally become part of the Mobi724 family” declared Daniel Tardif, President of I.Q. 7/24.
Since the transaction is effective since April 1, 2015, Mobi724 will restate its financial statements to incorporate IQ 7/24’s financial statements as of April 1, 2015.
Closing of Private Placement of $662,000
Mobi724 also announces that it has successfully closed a Fourth Tranche private placement of $662,000 forming part of the $3,000,000 financing authorized in June 2015 of which $2,147,704 (including the funds raised through the secured convertible debenture issuance) has been raised to date. Pursuant to the private placement, 8,024,242 common shares of the Company were issued at a price of $0.0825. Some holders of the Fourth Tranche also received one (1) common share purchase warrant for every common share issued exercisable at a price of $0.0825 no later than March 31, 2016. The common shares are sold pursuant to exemptions from prospectus requirements to purchasers in Canada and will be listed on the CSE and will be subject to a four month hold period from the date of closing.
Conversion of Bona Fide Debt by Consultants and Management
The Company also announces that together with the closing of the Fourth Tranche private placement, the Company has issued 1,359,690 common shares in the capital of the Company at a price per share of $0.1125 resulting from the conversion of bona fide debt related to arm`s length consultant services and salary owed to management. The securities of the Company issued pursuant to the private placement are subject to a four-month hold period. The consultants and employees who have accepted common shares have satisfied the purchase price for the common shares by way of set-off of an aggregate amount equal to $152,965. The Company is extinguishing debts through the issuance of common shares as a means to reduce its level of accounts payable while preserving cash.
Conversion of Bona Fide Debt by IQ 7/24
Mobi724 also announces that prior to the completion of the aforementioned transaction with IQ 7/24 the parties agreed that the Company would issue 2,000,000 common shares of Mobi724 at a price per share of $0.05 to convert a bona fide debt owed by the Company to IQ 7/24. The 2 million common shares of the Company issued pursuant to this conversion of debt are subject to a four-month hold period.
Renewal of an Unsecured Convertible Debenture held by an Institutional Investment Fund
Mobi724 has renewed the terms of a convertible unsecured debenture issued on October 30, 2014 to an institutional investment fund in the amount of $1 million. The existing convertible debenture bears interest at a rate of 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and matures on December 31, 2015. The capital carried forward of the renewed convertible debenture, which will accrue interest at a rate of 12{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} per annum and mature on December 31, 2015 (the “New Maturity Date”), is equal to $1,117,954. The renewed convertible debenture will be convertible at the option of the holder into common shares of the Company, on or prior to the New Maturity Date, at a conversion price of $0.35 per common share subject to a price adjustment clause, which is also subject to the Canadian Securities Exchange.
About I.Q. 7/24 Inc.
I.Q. 7/24 Inc. is a leading Canadian provider of loyalty and customer-engagement marketing solutions, driving increased retail profitability by creating customized retention, activation and loyalty programs. It has developed over the last 7 years as one of the most innovative and robust loyalty and rewards redemption platforms in the market. I.Q. 7/24 provides an agile, state-of-the-art technological platform as well as consulting services to manage programs and maximize retail ROI. I.Q. 7/24 presently specializes in both the automotive and power-sports industries, with about 300 dealerships across Canada and is expanding its expertise to include the hospitality and general retail sectors
About Mobi724 Global Solutions
Mobi724 Global Solutions (MOS:CSE), a corporation based in Montreal, Canada, is a technology leader in digital incentives and payment solutions. It offers a unique and fully integrated suite of solutions – PAYMENT-COUPONING AND LOYALTY all in one.
Our vision is to enhance the value of commoditized payment transactions to the players in this eco-system (ex: customers, banks, mobile carriers and retailers) by adding layers of intelligence to these transactions (i.e. smart transactions) in a seamless manner.
Mobi724 Global Solutions unleashes the true potential of both payment and couponing/rewards transactions for both online and offline points of sale.
The Corporation is fully dedicated to delivering unique “real time” and seamless digital promotional incentives (coupons including card linked coupons, bank cards, loyalty rewards) embedded into the most secured payment environment. The Corporation provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and “track and measure” incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Their credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
Mobi724’s PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market enabling multi layered intelligent transactions therefore SMART TRANSACTIONS.
- Published in Financial Technology, Mobi724 Global Solutions, Mobile Technology, News Home, Technology