FNDS3000 Corp Announces $1 Million Financing
July 08 2009 - 8:30AM
PR Newswire (US)
Proceeds to Fund Continuing Progress in South African Business
PONTE VEDRA BEACH, Fla., July 8 /PRNewswire-FirstCall/ -- FNDS3000
Corp (OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt: "FT4," A0MWLG)
announced today the completion of a non-brokered private placement
financing in which the Company raised $1 million through the
issuance of its common stock and warrants to accredited investors
(the "Financing"). Details of the Financing included a sale of
5,714,286 shares of common stock (the "Common Stock") at a price of
$0.175 per share. In addition, for each share purchased the
investors received a warrant to purchase one share of the Company's
common stock exercisable at $0.20 per share for 24 months from the
date of closing of the private placement (the "Warrants"), for
total net proceeds of $1,000,000. The material terms of the
Financing are outlined in Form 8-K filed with the Securities and
Exchange Commission earlier today. "The completion of this
offering, in an extraordinary credit environment, bolsters FNDS3000
Corp as we continue to enhance our operational capabilities and
further validates the strength of our business model," said Joe
McGuire, Chief Financial Officer. "In addition, we appreciate the
continued support of our existing investors who participated in
this round of financing. Our lead investor, Sherington Holdings LLC
took a 50% interest in the offering, while of the other 50%,
$240,000 is invested by our management team and $260,000 by board
members and other existing investors." John Hancock, Chief
Executive Officer, commented that "this private placement, at a
level higher than earlier anticipated, provides the funding to
complete the Pilot Test Phase of our introduction of Prepaid Cards
in South Africa. This Phase is now in the final stages of
completion and results to-date have been encouraging. This
placement should fund the Company through the final Volume Testing
Phase and on to production roll-out during the remainder of 2009.
We expect to be able to update investors periodically on our
progress as we transition through these Phases and increase the
number of cards in the market." The Company offered and sold the
Common Stock and Warrants in the Financing to qualified accredited
investors in transactions exempt from the registration requirements
of the Securities Act of 1933, as amended and have not been
registered under the Securities Act or any state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities. About FNDS3000
Corp: FNDS3000 Corp (OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt:
"FT4," A0MWLG) is a financial transaction processing service
company. Since its inception, its focus has been on the development
and implementation of a variety of prepaid card programs outside
the United States, including services to individuals who lack
access to conventional banking services. FNDS3000 meets a vital
need of companies that have financial dealings with such
individuals by offering prepaid cards that can be tailored to the
differing requirements of each customer. FNDS3000 intends to
provide these services in both developed and underdeveloped nations
through a proven U.S. processing platform that has been designed
for international and cross border capability. Many of these
FNDS3000 products carry worldwide brand marks and can be used
anywhere that accepts these brands. Programs that can be supported
include payroll, insurance, medical aid, gift cards, prepaid
cellular charges and small-scale international transfers of funds.
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 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: Joe McGuire, Chief Financial Officer,
FNDS3000 Corp, +1-904-273-2702, Web Site: http://www.fnds3000.com/
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