CALGARY, ALBERTA--(Marketwired - May 5, 2015) - GINSMS Inc. (TSX VENTURE:GOK) (the "Corporation" or "GINSMS") today announces an update to its press release dated April 2, 2015 titled "Grant of an Option on Convertible Debentures of GINSMS by One Heart International Limited to Xinhua Mobile Limited".
On January 15, 2015, One Heart International Limited ("One Heart"), the holder of convertible debentures of the Corporation with a principal amount of $6,255,484 (the "Convertible Debentures"), granted an option (the "Option") to Xinhua Mobile Limited ("Xinhua Mobile") to purchase the Convertible Debentures. The exercise price of the Option is equal to the face value of the Convertible Debentures.
The Corporation has learnt that Xinhua Mobile exercised the Option on May 1, 2015 and entered into a Convertible Debentures Purchase Agreement with One Heart to purchase the Convertible Debentures for a total consideration of $6,255,484. The purchase price will be payable by way of a promissory note. The note will be due and payable 6 months from its issuance and will bear an interest of 18% per annum compounded on a daily basis.
The Convertible Debenture are unsecured, mature on September 28, 2015 and may be converted into common shares of the Corporation at any time prior to their maturity at a price of $0.10 per common share, subject to certain restrictions.
About Xinhua Mobile
Xinhua Mobile is a 100% owned subsidiary of Xinhua Holdings Limited ("Xinhua Holdings", together with its subsidiaries, the "Xinhua Group"). Xinhua Group is a multi-disciplinary group headquartered in Hong Kong and doing businesses in China and the rest of Asia, including Japan. Xinhua Holdings' securities are listed on the Tokyo Stock Exchange's ("TSE") Second Section (9399).
About GINSMS
GINSMS is a mobile technology and services company focusing on 2 areas namely cloud-based application-to-peer ("A2P") messaging service and Software Products & Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Joel Chin
Chief Executive Officer
+6564411029