Freeport Capital Inc. (CNSX: FAS) Enters into a LOI to Acquire 51% Ownership of Mobi724 Inc. a Mobile Couponing Solution Deploying in Buenos Aires, Argentina
MONTREAL, May 29, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
The Company has entered into a LOI to acquire 51% of the fully diluted shares of Mobi724 Inc. with the option to acquire the remaining 49% within 12 months. The purchase price of Mobi724 has been established for 750,000 shares of Freeport Capital Inc. at market price and a commitment to inject $150k of working capital, an initial deposit of $20k upon signing which is non-refundable should Company management decide not to proceed with the acquisition.
Mobi724's CEO Mr. Marcel Vienneau stated, "Having been in the loyalty and rewards space for over 20 years, I believe that our market ready solutions will add great value to Hybrid's core mobile payment offerings on a global reach. Retailer are demanding payment solutions but wrapped with the added value of rewards - loyalty - couponing and intelligence analytics, all with the end game of influencing shoppers at the point of purchase in a one to one relation. We are delighted to bring our value add to Hybrid's substantial network of customers and to bring their solutions to our growing list of global brand and international customers."
Freeport's Board stated "We are excited to enter into this LOI with MOBI724 Inc. and its Founder President Mr. Marcel Vienneau. This potential acquisition will extend Hybrid's global footprint into Argentina a vibrant market which is adopting Smartphone technology at an impressive rate which Hybrid can also leverage to offer its Mobile Payment Technology to Retailers and merchants in the Country. In addition with Mobi724's local presence in Argentina Hybrid management can expeditiously integrate the solutions and offer a unique value add for the region.
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.
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.