VANCOUVER, BC--(Marketwired - Nov 28, 2016) - Fundamental Applications Corp. ("Fundamental" or the "Company") (CSE: FUN) (FRANKFURT: 2FA) (OTCQB: FUAPF), a leading developer of innovative smartphone applications targeted toward millennials, announced today it has reached an investment agreement in principle (the "Investment Agreement") with Mo Tecnologias LLC ("MO"), an innovative nano and micro credit decision engine and issuing platform.
MO has developed a unique credit engine platform, which can reach a credit decision in less than 20 seconds without requiring the user to provide any additional information, based on user behaviors. MO plans to launch nano and micro loans in Colombia in 2017 and then expand its service to additional countries in Latin America, Africa and Asia.
Fundamental's CEO Brad Moore states, "I am extremely excited about this partnership with MO Tecnologias as a way to monetize Foro transactions in Latin American markets supported by MO. Fundamental's investment will place Foro as the online store front of this distinctive ecommerce solution around the world."
Paolo Fidanza, MO's founder and CEO states, "We are delighted that Fundamental has decided to invest in MO. We consider this a strategic investment that opens up some great synergies between the companies, given that the key target users for the MO platform are millennials and Gen Zs, who in the future will have a low cost-credit option to finance purchases in the Foro marketplace and Opinit community."
Further details of the Investment Agreement shall be disclosed once the Company and MO have executed a definitive agreement, which will support the development of a synergy to increase opportunities and a shared economic vision.
Fundamental Applications Corp. (CSE: FUN) (FRANKFURT: 2FA) (OTCQB: FUAPF) designs, develops, markets, and acquires innovative mobile applications targeted at the "Millennials" generation, people born in an age of digital technology, internet access, and smart phones. This demographic is an early adopter of mobile technology, has significant discretionary income, and is lifestyle driven with a willingness to try new things. Fundamental's three leading mobile platforms are Foro, a peer-to-peer mobile ecommerce marketplace; Truth, a one-to-one anonymous messaging app; and Opinit, an app that enables users to create and share emotion driven content.
To learn more about Fundamental Applications Corp., please visit www.FunAppCorp.com, or review its company profile on the SEDAR website (www.sedar.com) and on the CSE website (www.thecse.com).
Mo Tecnologias LLC, founded by serial technology entrepreneur Paolo Fidanza and technology development leader Andrii Kurinnyi, has developed a revolutionary credit decision and issuing platform for nano and micro loans. The platform will be marketed as "MO -- tu credito movil" initially in Colombia and will then roll out to other countries in Latin America, Africa and Asia.
To learn more about Mo Tecnologias LLC, please visit www.mocreditomovil.com.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Fundamental. Forward-looking information is based on certain key expectations and assumptions made by the management of Fundamental. Although Fundamental believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Fundamental can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Fundamental disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.