VANCOUVER, British Columbia, March 29, 2017 (GLOBE NEWSWIRE) -- Mobetize Corp. (OTCQB:MPAY), a provider of mobile financial services (MFS) technology for the multi-billion dollar business to business (B2B) segment of the Fintech as a Service (FaaS) sector, is pleased to announce that it has entered into a Lead Investors Agreement with Richard and Jonathan Kalikow (the “Investors”) in connection with a private placement of its Series B Preferred stock.
The Lead Investors
Jonathan Kalikow, graduate of the Wharton School of Business with degrees in real estate and finance and a member of the NY State Bar Association, is the President of Gamma Real Estate. Richard Kalikow is the CEO and Chairman of Gamma Real Estate and Chairman of Sandhills Bank.
Richard Kalikow has been in the real estate business and private lending for over forty-five years. Gamma Real Estate, owned and operated by the Kalikow family, is a boutique commercial real estate firm based in New York City that operates several business lines including private real estate collateralized lending, real estate investing and developing and commercial banking.
Sandhills Bank, owned by the Kalikow’s, was founded in 1959 as a community bank and is based in North Myrtle Beach, South Carolina. The bank is fully committed to its customers and offers a wide array of financial services that include mobile banking services. Sandhills seeks to meet the needs of the increasingly digitally-focused consumer by leveraging technologies and innovations that will enhance customer experience.
The Agreement
The Lead Investor Agreement dated as of March 20, 2017, committed the Investors to subscribe for a minimum of one hundred and fifty thousand (150,000) shares of Series B Preferred Stock from a total offering of five hundred thousand (500,000) shares of Series B Preferred Stock at $1.00 per share, the “Offering.”
Management shareholders agreed in return that as an inducement to the Investors participation in the offering, that conditioned on full subscription of the Offering, that they would cause Mobetize to effect a one for one hundred (1/100) consolidation of its common stock.
Mobetize also agreed to offer the Investors, a ten (10) day “First Right of Refusal” for any subsequent financing offered by the Company within twelve (12) months of the closing of the Offering.
“This additional funding from the Kalikow’s reflects their commitment to Mobetize and will significantly further our ambition to be a Fintech technology innovation leader, enhance revenue growth, and attract new customers and partnerships," stated Ajay Hans, CEO.
About Mobetize Corp.
Mobetize Corp. (OTCQB:MPAY) has developed a global B2B Fintech as a Service (FaaS) Supermarket. Mobetize digitizes bricks and mortar financial services to deliver mobile money services to leading telecommunications companies and financial institutions. Mobetize ensures end-to-end integration for services such as prepaid air-time top ups, data gifting, mobile lending, international money transfers, P2P transfers, Visa™/MasterCard™ programs and mobile bill payments. Mobetize seamlessly integrates and white labels its secure mobile money platform services for customers who then offer the services to millions of users. Mobetize experts to help telecom and banking providers discover new revenues, new customer relationships and navigate the emerging Fintech ecosystem. For more information, visit http://www.mobetize.com .
Forward Looking Statements
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 Mobetize'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 Mobetize 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 Mobetize's products or in the supplier costs; 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 Mobetize's previous filings with the Securities and Exchange Commission. Mobetize disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
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