Mobetize Corp. to Begin Trading on OTC Bulletin Board
October 01 2013 - 7:30AM
Mobetize Corp. (OTC:MPAY), a technology leader in mobile commerce
payment solutions, announced today that shares of the company's
common stock are to begin trading on the Over-the-Counter Bulletin
Board under the symbol, MPAY.
In addition, the company also announced the appointment of Chris
Convey as Chief Financial Officer, as well as the completion of a
$525,000 financing issuing 1,050,000 common shares of its
stock.
Mobetize Co-Founders Stephen Fowler and Ajay Hans made the
announcements shortly after the company was granted eligibility
status for trading by the Depositary Trust Company (DTC).
Mobetize said that this week's initiation of trading is a
significant step toward establishing its market leadership in the
accelerating migration of traditional e-commerce to mobile payment.
The company's smart solutions platform provides telecommunications
operators and payment gateways unparalleled mobile functionality in
bill management, payments, airtime recharge, domestic money
transfers, international remittances, point-of-sale functionality
and numerous other related technologies.
The Mobetize platform -- designed to enable telecommunications
operators to increase customer retention, maximize Average Revenue
Per User (ARPU) and minimize churn – provides the market's
smoothest and most cost-effective transition of existing e-commerce
to mobile.
For Payment Service Providers, the Mobetize smart solution
platform brings a swift, simple delivery of mobile commerce to
merchants and their customers. Payment companies can use Mobetize
to accelerate and simplify their introductions of mobile super
wallets, mobile Point-of-Sale functionality and mobile
self-checkout. Mobetize is designed to optimize anytime/anywhere
mobile commerce and achieve increased payment transaction volume
via a secure, reliable and easy-to-deploy mobile interface.
"Mobetize is poised to establish an industry standard of power,
speed and simplicity in mobile financial transactions," Messers.
Fowler and Hans said in a joint statement. "Whether you're the
largest telecom company, the highest-volume payment processor or
the smallest retail customer, Mobetize provides a customized
functionality to fulfill the promise of mobile commerce. We
fully expect to convert our clear technology leadership into market
leadership in the rapidly growing sector of mobile
payments."
The financing consisted of a private placement of 1,050,000
common shares of MPAY stock at $0.50 per share for proceeds of
$525,000. Source Capital Group, Inc., a US investment banking
firm, received $52,500 as a fee for raising the capital and 315,000
common shares of Mobetize stock as part of an on-going consulting
agreement with the company. The shares are subject to a
12-month restriction. Source Capital Group, headquartered in
Westport, CT, has 10 regional offices around the United
States. Its Communications, Internet & Digital Media
practice is highly regarded in the North American investment
community.
"Chris Convey is a highly capable and strategic CFO," said
Mobetize Co-Founders Stephen Fowler and Ajay Hans. "He will be
central to a new executive team that is launching an unsurpassed
payment services platform designed to convert Mobetize's commercial
launch into market leadership."
"Among our immediate goals is to put this newly public company
on a trajectory toward sustainable growth and profitability," said
Mr. Convey. "I am extremely pleased to join such a strong team
and such an energizing growth opportunity. All of us at
Mobetize are committed to achieving the best possible performance
for our customers, partners and shareholders."
Mr. Convey is responsible for overseeing the company's global
financial strategy and operations. He most recently has served
as CFO of Teliphone Navigata and Uniserve Communications. He
has also served as Vice President of Finance at two technology
companies, responsible for financial, legal and commercial
activities, and was Financial Controller for PA Consulting's
Venture Investment arm. Mr. Convey also served in a range of
financial and commercial roles at Cable & Wireless and British
Telecom. A UK-qualified Chartered Management Accountant, Mr.
Convey has a BA in Japanese and French from the University of
Durham.
About Mobetize
Mobetize Corp. (OTC:MPAY) is a technology leader in mobile
commerce payment solutions. Our smart solutions platform
empowers our customers to increase ARPU and decrease churn while
making unsurpassed improvement to customer retention. Mobetize
solutions shift existing e-commerce to mobile with unrivaled
simplicity, efficiency and cost-effectiveness.
Mobetize's brand-able platform brings mobile devices secure and
easy bill management, payments, airtime recharge, domestic money
transfers, international remittances, point-of-sale functionality
and numerous other related technologies. Mobetize provides the
industry's most complete mobile solutions platform to both
telecommunications operators and payment
gateways.
For more information, visit http://www.mobetize.com or call
702-943-1850.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 as amended and
Section 21E of the Securities Exchange Act of 1934 as
amended. All forward-looking statements are inherently
uncertain, based on current expectations and assumptions concerning
future events or future performance of Mobetize Corp. and its
technologies. In evaluating such statements, prospective
investors should review carefully various risks and uncertainties
identified in this release, as actual results may differ materially
from those indicated. Mobetize Corp. public filings may be
viewed in the Investor Relations section of its web site at
www.mobetize.com and at www.sec.gov.
CONTACT: Mr. Stephen Fowler - President
206-347-4515
sfowler@mobetize.com