VANCOUVER, British Columbia, Nov. 14, 2017 (GLOBE NEWSWIRE) — Mobio Technologies Inc. (TSXV:MBO), (“Mobio”) today announces that it has reached an agreement with SiteMAX Systems Inc. (“SiteMAX”) to provide a loan of $250,000.
A loan of $150,000 will be provided immediately and an additional $100,000 can be provided at any time, but will be triggered upon SiteMAX achieving at least $30,000 in monthly recurring revenue during the term of the loan.
Warrants equal to 50% of the amount invested in SiteMAX will also be issued to Mobio, with a strike price based upon a $2,500,000 fully diluted valuation. The warrants will carry a two-year term, with an early expiry date of 30 days after SiteMAX achieves $100,000 in monthly recurring revenue.
Mobio is entitled to one seat on SiteMAX’s board of directors, or one observer seat if the board seat is not exercised. Mobio is also entitled to a greenshoe option, where it has the right to fully invest up to the entire next round of SiteMAX’s financing, or the next $1.0 million in funding.
About Mobio Technologies Inc.
Mobio is a publicly traded company on the TSX Venture Exchange, headquartered in Vancouver, BC, and runs Strutta.com Media Inc. Strutta is a social promotions platform that helps marketers bring potential customers from stranger to fan to customer, and Strutta’s Promotions API provides a technology platform that facilitates social media competitions and campaigns for global brands. For more information visit www.mobio.net.
On behalf of the Board:
Laurie Baggio, CEO
For additional information contact:
Huitt Tracey, Investor Relations
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.