MONTREAL, July 19, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
The Company has completed the first phase of the acquisition of Solutions Mobi724 Inc. ("Mobi") The first phase entailed the transfer of 51% of all of the issued and outstanding shares of Mobi on a fully diluted basis by the issuance of 1,000,000 common shares of the Company to Mobi shareholders at the maximum allowable discounted price of $1.23 per share. Pursuant to the terms of the transaction, the Company shall purchase the remaining 49% of the Mobi shares within twelve (12) months which purchase shall be effected by issuing common shares of the Company at market value less the maximum allowable discount and at a floor price of $1.23. The Founder, Massimo Barone stated "this acquisition will allow Hybrid to integrate and cross sell the services to Banks, Telco's, Port and Mass Rapid Transit Authorities requiring a collection, coupon and cash redemption mobile enabled solution easily configurable with their Payment Switch."
About Mobi724 Solutions Inc. (www.mobi724.com)
Mobi724's PAY PER PERFORMANCE MODEL addresses the significant need for accountability in the marketing space. Our solutions, including our universal "mobile Digital Incentives Gateway" (coupons, gift-cards and rewards) enables retailers, manufacturers of consumer-packaged goods, loyalty providers, mobile operators and payment card issuers to create, manage and deliver incentives to their customers base on ANY mobile device worldwide. Users are able to redeem offers at ANY Point of Sale or online, in a seamless transaction process that provides instant gratification for both the customer and the retailer. We focus on mobile carriers, loyalty operators, payment card portfolios and large retailers to enhance their offering with our end to end solution. We have partnered with several international brands to operate our white label offering.
About Hybrid Paytech
A subsidiary of Freeport Capital Inc. (CNSX: FAS) based in Montreal, Canada, with satellite offices in the USA, Dominican Republic, Philippines and Hong Kong - Hybrid Paytech is a technology leader in the mobile payment space with its proprietary Hybrid Multi-OS App's allowing use with MSR and EMV Credit and Debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption for "on the go" fleet, delivery, logistics and retail merchants. Argentina as well as bring together an integrated mobile coupon solution currently being launched in Buenos Aires."
The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States
SOURCE Freeport Capital Inc.