BroadVision Announces Completion of Its Subsidiary Vmoso, Inc. Spin-Out via Private Placement
January 08 2019 - 4:30PM
BroadVision, Inc. (Nasdaq: BVSN), a leading provider of e-business
and engagement management solutions, today announced that its
subsidiary, Vmoso, Inc., has completed its private placement of
Class A Common Stock, raising $3 million.
Following the financing, BroadVision continues to hold shares of
Preferred Stock of Vmoso, Inc. representing approximately 19.9
percent of Vmoso, Inc.’s outstanding shares and will provide
substantially all of the personnel, facilities and equipment
required for the activities of Vmoso, Inc. under a shared services
agreement.
Vmoso, Inc. holds all of the intellectual property and other
assets related to BroadVision’s Clearvale and Vmoso platforms,
including the current Clearvale and Vmoso products and the My Vmoso
Network (MVN) development project. Proceeds of the private
placement will be used to continue the commercialization of the
Clearvale and Vmoso products and the development of MVN, which is a
personal digital hub that will utilize the Vmoso platform in
conjunction with blockchain technology to act as a bank for
consumers’ personal data, as well as provide secure, personalized,
persistent, symmetrical engagement channels between consumers and
the businesses with which they have relationships.
Information Concerning Forward-Looking
Statements
Information in this release that involves expectations, beliefs,
hopes, plans, intentions or strategies regarding the future,
including statements regarding Vmoso, Inc.’s plans to
continue the commercialization of the Clearvale and Vmoso
products and the development of MVN, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, which involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
These risks and uncertainties include without limitation
uncertainty regarding the development and market acceptance of
Vmoso, Inc.’s products and services, Vmoso, Inc.’s ability to sell
Vmoso to its existing customers and new customers, Vmoso. Inc.’s
ability to provide reliable, scalable and cost-efficient
cloud-based offerings, Vmoso, Inc.’s ability to effectively compete
in its intensely competitive market and respond effectively to
rapidly changing technology, evolving industry standards and
changing customer needs, requirements or preferences, and the other
risks set forth in BroadVision’s most recent quarterly report on
Form 10-Q, and subsequent reports filed with the Securities and
Exchange Commission. All forward-looking statements included in
this release are based upon information available to BroadVision as
of the date of this release, and BroadVision assumes no obligation
to update or correct any such forward-looking statements except as
required by law. These statements are not guarantees of future
performance and actual results could differ materially from
BroadVision’s current expectations.
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