Mobicard announces the completion of its negotiations with Think Latitude, discloses specific details, and provides a progress report on Mobicard's financials.
Cambridge, MA -- December 3, 2018 -- InvestorsHub NewsWire -- Following multiple presentations from Mobicard Inc. to Think Latitude Inc. and multiple rounds of negotiations, the two parties have come to an agreement that will (once executed) provide a path forward to pursue a continued relationship and advance the technology of Mobicard together.
The strategic plan to build a cross-functional application, that places an emphasis on creating digital business cards to share and network with other individuals, uses the newest technology strategies for the future of the Mobicard platform. The total cost for the enterprise application will be $145,000 and Think Latitude will become an equity partner upon completion of the Statement of Work. In accordance with "your success is our success" philosophy, Think Latitude will be issued shares of Mobicard (PTOP), which equates to 15% of the Mobicard equity with an anti-dilution clause. This partnership ensures that Think Latitude will work towards Mobicard's success with a vested interest in Mobicard Inc.'s business.
Misha Shah, COO of Think Latitude states "Our executive team is both honored and invested in moving the current landscape of Mobicard to the next level. Throughout the course of the year, we have had numerous meetings and design discussions to truly understand the essence of how the platform is envisioned and what our development team is going to achieve in the coming months. With a significant equity partnership with Mobicard, Think Latitude can help cater the enterprise platform to realize scalable milestones over the course of the coming months". Think Latitude will also be granted a Technology Advisory role on Mobicard's Advisory Board to provide advice on current technology, new technology insights, advancements, and general climate of technology as it relates to the Mobicard landscape of business.
Andy Sajnani, CEO of Think Latitude Inc. added, "I'm excited to serve as the Technology Advisor on the Mobicard advisory board. Being thoroughly involved from the early discussions to the present state of this project has enabled me to take an active role in understanding the business model, and potential of Mobicard which in turn allowed me to assist in choosing the proper technologies to develop their future vision and new platform. While we are taking a phase-based approach to releasing the beta and first version of the platform, our goal is to create a strong landscape that can support many advanced features in future versions to come. As our companies have completed negotiations, we believe this ongoing partnership will continue to foster the Think Latitude-Mobicard relationship while we are progressing through the development phase. I strongly believe that the alignment of our goals will allow the Mobicard platform to experience much success in the coming release."
The Statement of Work and Agreement (SOW) will be executed upon an upfront payment of $25,000 and the signed agreement from Mobicard to Think Latitude. Another $25,000 will be due within the following 60 days of the project kick off date. The remainder of the payments can be made in three subsequent equal installments after 5 weeks, 10 weeks, and 15 weeks of the project.
Through application development, Think Latitude will be responsible for the design and implementation of Mobicard application's new platform with the newest coding languages on six major levels once the SOW is executed. The six major levels include; one iOS application, one Android application, one web application, one master admin portal, one organizational admin portal, and one individual analytics portal, which will be tied into the interface of the user application. Additionally, Think Latitude will cover the landing webpage, quality assurance testing and inherent services such as server architecture setup, scaling, load balancing, database setup, application deployment, and bug fix support.
The period of performance and first beta release of the new platform is projected for approximate March release, with the start date contingent upon the day Joshua Sodaitis, CEO of Mobicard (PTOP), accepts the Statement of work and sends the first payment to Think Latitude. While this timeframe is too short to complete the entire enterprise-level platform, the Think Latitude Development team will complete the majority of the features within this timeframe as a beta application that can be released to the market. Some features may continue to be worked on and releases will still be loaded as enhancements are made until full completion. Any modifications or extensions will be requested through Think Latitude and Mobicard for review and discussion. Extension guidelines may occur due to resource allocation issues, scope requirement changes, additional services needed, and or QA testing delays from the client releases, which will need to be amended into the existing SOW. Extensions due to scope changes may also incur an additional cost payable by Mobicard.
CEO of Mobicard Joshua Sodaitis said "I am excited for a partnership with Think Latitude and believe the final conclusion to the negotiation process will be advantageous for both companies in the long term, specifically the equity stake gives the core businesses product developers an added incentive to add value and ideas to differentiate and elevate Mobicard from our competitors. I chose Think Latitude after extensive research and I think they are exactly the right partner to make Mobicard the superior choice in our market." Josh went on to say "Even though we have not executed final documents or sent the 1st payment, Think Latitude is excited to get started and already have their senior architect developers laying out the framing of the project. They expressed to me they know it's not a matter of "if" but "when" we return the SOW. Disclosing the terms of this agreement so that I can communicate to shareholders the use of proceeds to accredited investors that we will seek new funding from. I will be hosting a conference call for a number of interested parties with the intention to obtain funding that will ensure the project is financed through completion as well as aid the company in operating capital and completing the financials to bring them current. The idea will be that each interested party can contribute part of the total so that Mobicard does not have to take on any toxic debt. Our goal is to have the final agreement and first payment executed after our corporate council securities attorney structures the equity and anti-dilution clause and get the project started by Monday of next week."
In Addition, Mobicard's CFO James Bento giving a financials progress report told the CEO that it has been progressing according to the proper GAAP & PCAOB accredited standards and that the audit review firm was going through a confirmation phase for fiscal year ending 9/30/2015.
The accountants have turned a corner and as per the agreement with Mobicard have completed phase one. Mobicard in compliance with the terms of their agreement with the accountants has sent an additional payment to cover completion of work associated with the fiscal year ending 9/30/2016 to be delivered to the auditors for review upon completion. A conference call between the accountants and Mobicard discussing multiple topics including, but not limited to, the Code2Action note in (PTOP) detailed in an 8(k) filing with the SEC in 2015 for valuation purposes necessary for the auditors is scheduled for today (Monday 12/3/2018).
The implementation of the vision of the future growth of Mobicard and the terms of the SOW should pave the way for long term shareholder profitability.
Safe Harbor Statement:
This release includes 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. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. The company is no longer a fully reporting SEC filing company. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Joshua Sodaitis, CEO
45 Prospect Street, Cambridge, MA 02139