VANCOUVER,
March 7 /PRNewswire-FirstCall/ -
Voice Mobility International, Inc. (NEX: VMY.H) (OTCPINK: VMII)
(Frankfurt: VMY), a Vancouver-based developer and provider of
carrier and enterprise messaging solutions, announces that it has
closed the debenture financing that was previously announced on
February 2nd and
15th, 2011, for proceeds of $580,000.
In connection with the closing of the financing,
the Company is also pleased to announce that it has completed the
acquisition of all of the assets of Tagline Communications Inc. for
total consideration of $425,000 and
the issuance of 1,000,000 common shares of the Company.
The debentures are secured, bear interest at 12%
per annum, and have a term of four months. As consideration
for the debenture financing, the Company issued 1,500,000 common
shares to an arm's length party. The Company has also settled
$87,500 in outstanding debt through
the issuance of 875,000 common shares at a deemed price of
$0.10 per common share. The
balance of the proceeds of the debenture financing are being used
to settle existing indebtedness, and for working capital
purposes.
"We are taking a step by step, methodical
approach to executing on our stated strategy. With the
strengthening of our balance sheet brought by the closing of the
AVST transaction in February, 2011, we are now commencing our
strategy of acquiring Cloud based unified communications ("UC")
service providers. Each acquisition will lead us further along the
path to profitability and value for our shareholders," commented
Jay Hutton, CEO of VMI. "We are
pleased that we were also able to take the opportunity to eliminate
some of our debt in this transaction and will continue efforts to
improve our financial position and grow our business through
acquisition. The Tagline transaction is the first step in this
acquisition strategy. We remain committed to the growth strategy
that we communicated late last year."
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION 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.
SOURCE Voice Mobility Inc.