FNDS3000 Corp Announces Agreement for Financing and Launches Mobile Banking Initiative
November 05 2009 - 2:07PM
PR Newswire (US)
JACKSONVILLE, Fla., Nov. 5 /PRNewswire-FirstCall/ -- FNDS3000 Corp
(OTC Bulletin Board: FDTC) (Frankfurt: "FT4," A0MWLG) announced
today the completion of a non-brokered private placement financing
agreement in which the Company will potentially raise up to $1.5
million through the issuance of its common stock and warrants to
Sherington Holdings, LLC ("Sherington"). The Company also announced
today the launch of a mobile banking initiative for which a company
associated to Sherington will contribute the services of a
consultant in mobile software platforms to assist the Company over
the next year. The parties have valued the contribution at
approximately $250,000. The Company anticipates two closings, the
first of which occurred on November 2, 2009, and the material terms
of the financing agreements are outlined in Form 8-K filed with the
Securities and Exchange Commission today. Details of the first
financing close included a sale of 3,333,333 shares of common stock
at $0.15 per share to Sherington for total funds received by the
Company of $500,000 on November 2, 2009. In addition, for each
share purchased, Sherington received a warrant to purchase one
share of the Company's common stock exercisable at $0.175 per share
for 24 months from the date of closing of the private placement.
Details of the second financing closing include a sale of 6,666,667
shares of common stock at $0.15 per share to Sherington for total
funds to be received by the Company of $1,000,000 on or about
November 30, 2009. For each share purchased, Sherington will
receive a warrant to purchase one share of the Company's common
stock exercisable at $0.175 per share for 24 months. As is
standard, the second closing is subject to various closing
conditions and we cannot provide any guarantee that we will
successfully close the second portion of the financing. The Company
will utilize the proceeds of the financing (i) to enhance our
product offering and provide our customers with additional
functionality; (ii) to purchase, license or develop mobile banking
software and to develop mobile banking solutions for the Company's
customers; and (iii) for general corporate purposes and working
capital, all as authorized from time to time by the Company's Board
of Directors. We expect to update investors within the month on the
progress of the prepaid card operations in South Africa. The
Company offered and sold the common stock and warrants in the first
closing to Sherington, a qualified accredited investor, in a
transaction exempt from the registration requirements of the
Securities Act of 1933, as amended, and therefore the transaction
has 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. http://www.fnds3000.com/ DATASOURCE: FNDS3000 Corp
CONTACT: Joe McGuire, Chief Financial Officer, FNDS3000 Corp,
+1-904-273-2702, jmcguire@FNDS3000. Web Site:
http://www.fnds3000.com/
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