VANCOUVER, BC--(Marketwired - Dec 7, 2016) - Fundamental Applications Corp. ("Fundamental" or the "Company") (CSE: FUN) (FRANKFURT: 2FA) (OTCQB: FUAPF), a leading developer of innovative smartphone applications targeted toward millennials, announces that as part of its investment in Mo Tecnologias LLC ("MO"), an innovative nano and micro credit decision engine and issuing platform, both companies will jointly provide a fully integrated ecommerce solution in Colombia.
Fundamental and MO will provide millennials, college and university students in Colombia a fully integrated ecommerce solution. Fundamental's Foro platform will use a Foro storefront connected by API (Application Programming Interface) to a payment gateway facilitated by MO's credit engine. MO and Fundamental will launch a multi campus marketing campaign targeting Colombia's 2,000,000+ secondary education students in January 2017.
"This exclusive relationship gives Fundamental the ability to establish the Foro brand in an emerging ecommerce space. With MO's unique nano loan mechanism bringing in millions of people from a cash based to e-commerce economy, our online buy/sell model is perfectly suited to help people transact with each other and SME businesses," explains Fundamental's CEO Brad Moore.
Paolo Fidanza, MO's founder and CEO states, "We are excited by this collaboration to jointly present a unique value proposition to millennials via two revolutionary products, which combined will offer a unique P2P purchase experience."
Further to the Company's news release of November 28, 2016, and pursuant to a Convertible Promissory Note issued by MO in favour of the Company (the "Note"), the Company has agreed to invest US$50,000 in MO.
The Note, which is subject to an automatic conversion of the principal and unpaid accrued interest into shares of MO, shall bear interest on the outstanding principal amount at the rate of 8% per annum, from the date of funding of such principal amount until the Note is paid in full or converted into equity securities of MO. The principal on the Note, together with all accrued and unpaid interest thereon, shall be due and payable on May 28, 2018.
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.