FNDS3000 Corp Executes Agreements to Complete Proposed Funding of up to $3 Million
December 05 2008 - 8:00AM
PR Newswire (US)
PONTE VEDRA BEACH, Fla., Dec. 5 /PRNewswire-FirstCall/ -- FNDS3000
Corp (OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt: "FT4," A0MWLG)
today announced that it entered into an amended and restated note
purchase agreement on December 1, 2008 in the principal amount of
$1,000,000, increasing the original note which was $320,000. The
Company also entered into a Securities Purchase Agreement ("SPA")
pursuant to which an investor has agreed to purchase 8,000,000
shares of common stock and a warrant to purchase 30% of the issued
and outstanding shares of the Company on a fully diluted basis (the
"Warrant") at an exercise price of $0.35 per share. The purchase
price for the Shares and the Warrant is $2,000,000. Michael J.
Dodak, Chairman and Chief Executive Officer of FNDS3000 Corp,
stated: "We have been searching for an opportunity to partner with
an investor to provide sufficient capital to fund our operations
until we reached a cash flow positive position in 2009. We are
pleased that in this extraordinary credit environment we have a
good prospect of securing financing well into next year at a very
reasonable cost. The ability to acquire funding at this stage in
the Company's development will provide a confidence boost for our
customers, vendors and investors. The cash infusion provides us
with resources and capabilities to enhance and optimize our present
capability to execute the next phase of the Company's growth as we
continue the roll out of our prepaid debit cards in South Africa."
The Securities Purchase Agreement for the equity financing is
expected to close by January 5, 2009, subject to certain
conditions, including, but not limited to, completion of
satisfactory due diligence and other customary conditions. A copy
of the Letter of Intent will be filed by the Company on Form 8-K,
which will be available on the Company's website in the SEC filings
section. About FNDS3000 Corp: FNDS3000 Corp (OTCBB: FDTC)
(Frankfurt: "FT4," A0MWLG) is a financial transaction processing
company providing prepaid debit card and merchant processing
solutions. We provide prepaid debit cards to a market with over 1
Billion individuals worldwide who do not have bank accounts,
estimated at over $100 Billion in annual revenue. Our products
allow employers to replace payroll checks for all workers. In
addition, employers can use our products in lieu of cash to pay
employees -- this may be greater than 50% of the worldwide working
population. Domestic and international sharing of money, similar to
Western Union(TM), is a key feature of our solution. Many of our
products carry worldwide brand marks and can be used anywhere in
the world that accepts those brands. Other services include gift
cards, bill pay, prepaid cellular and other prepaid products. Our
merchant processing solutions provide comprehensive credit, debit,
and check card payment programs. We are dedicated to the service
and profitability of our merchants. The combination of card issuing
and merchant processing enables FNDS3000 Corp to provide turnkey
financial transaction solutions to virtually any market worldwide.
Forward Looking Statements Matters discussed in this press release
contain forward looking statements as defined under the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that such forward looking statements involve risk and
uncertainties, which could significantly impact the actual results,
performance, or achievements of the Company. Such risks and
uncertainties include, but are not limited to, the potential loss
of our relationships with each of the parties that sponsor our
cards and banks that manufacture, issue, and own the debit cards;
the loss of our service providers; security breaches of our
electronic information; the inability to raise sufficient capital
to fund its operations; and other risks as may be detailed from
time to time in the Company's periodic reports filed with the
Securities and Exchange Commission. The Company assumes no
obligation to publicly update or revise its forward looking
statements even if experience or future events make it clear that
any of the projected results expressed or implied herein will not
be realized. DATASOURCE: FNDS3000 Corp CONTACT: David Fann,
President, +1-904-273-2702, , or Joe McGuire, Chief Financial
Officer, +1-904-273-2702, , both of FNDS3000 Corp Web site:
http://www.fnds3000.com/
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