VerifySmart Inc. announces proposed $5 million private placement Offering
April 06 2009 - 10:11AM
PR Newswire (US)
TAGUIG, METRO MANILA, Philippines, April 6 /PRNewswire-FirstCall/
-- VerifySmart Inc. (VSMR:OTCBB): VerifySmart, a global leader in
secure and fraud free payment processing services announces today
that it proposes to enter into a non-brokered private placement of
up to 4,000,000 restricted shares of common stock ("Shares") of the
Company at a subscription price of $1.25 per Share, for gross
proceeds of up to $5,000,000 (the "Offering"). The proceeds raised
in this Offering will be used for general expenditures related to
supporting the company's aggressive growth plan. These expenditures
include but are not limited to, the acquisition and build out of
infrastructure, application development efforts and marketing
initiatives. The proposed issuance of the Shares is subject to the
completion of formal documentation and the receipt of all required
approvals. The Shares to be offered in the private placement to
accredited investors will not be registered under the Securities
Act of 1933 as amended (the "Act"), and may not be offered or sold
in the United States absent registration, or an applicable
exemption from registration, under the Act. About VerifySmart Corp
VerifySmart Corp. is a SEC issuer with its shares of common stock
quoted for trading on the "OTCBB". The company's mandate is to
market, sell and manage fraud prevention products and services as
an exclusive licensee. An international company, the patent-pending
technology licensed by VerifySmart is garnering worldwide attention
and rapidly gaining acceptance across a security challenged
industry. Forward Looking Statements This current report contains
"forward-looking statements", as that term is defined in Section
27A of the United States Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Statements in this current
report which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future including but not
limited to the closing of the Offering or the amount of proceeds
that may be raised under the Offering. Actual results could differ
from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others, the inherent
uncertainty of financial estimates and projections, the competitive
and regulatory environment for start up software companies, stock
market conditions, unforeseen technical difficulties and our
ongoing ability to operate a business and obtain financing. These
forward-looking statements are made as of the date of this current
report, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that our beliefs, plans, expectations and
intentions contained in this current report are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form 10-K
for the 2008 fiscal year, our quarterly reports on Form 10-Q and
our other periodic reports filed from time-to-time with the
Securities and Exchange Commission pursuant to the Securities
Exchange Act. DATASOURCE: VerifySmart Corp. CONTACT: Corporate
Headquarters, Fort Legend Towers, Suite 2002 - 3rd Avenue corner
31st Street, E-Square, Fort Bonifacio Global City, Taguig, Metro
Manila, Philippines; Investor Relations, Danny Gravelle, Goal
Capital LLC, (949) 481-5396; Questions or Feedback, ,
http://www.verifysmart.com/
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