VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2017) - 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 its offering of 500,000 shares of Series B Preferred Stock at $1.00 per share has been fully subscribed. Net proceeds of the offering will be used for working capital and general corporate purposes.
Mobetize will initiate the process of effecting a 1/100 consolidation of its common stock in accordance with the conditions of the Lead Investor Agreement announced on March 29, 2017. The effective date of the consolidation will be further announced on notification to FINRA.
"We are thrilled to forge a long-term partnership with the Kalikow Family who share our vision. The closing of the offering will enable us to execute our business plan that includes expanding our relationship with the Kalikow's to banking, customer relationships, financing opportunities, network reach and expertise in compliance and risk management," 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.
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.