Mobile Integrated Systems Announces Closing of Private Placement and Debt Conversion Issuances of Common Stock
TORONTO, July 20, 2012 /PRNewswire/ -- Mobile Integrated Systems, Inc. (OTCUS: MIBI) (the "Company") disclosed that it has raised $983,860 pursuant to the closing of a private placement of 4,753,600 shares of Company common stock at a purchase price of $0.20 per share. The proceeds of the private placement will be used for general corporate purposes.
In addition, the Company has eliminated all of its outstanding long-term liabilities in the amount of $760,323 through a combination of debt conversion and debt cancellation, with the issuance of 3,372,685 shares of common stock. All shares of common stock issued by the Company in connection with the private placement and debt conversions were issued in reliance on exemption from securities registration under Regulation S. All such shares of common stock are restricted and subject to a minimum six month hold period.
About Mobile Integrated Systems, Inc.
Mobile Integrated Systems, Inc. is a technology company focused on developing and deploying mobile products and transaction systems to a variety of industry sectors including lotteries, gaming, transportation, telecommunications, and finance, among others. More information can be found at: http://mobileintegratedsystems.com/
This press release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Such forward-looking statements are inherently uncertain. Our actual results may vary materially from those expressed in any forward-looking statements as a result of various factors and uncertainties. Mobile Integrated Systems, Inc. cannot provide assurances that any prospective matters described in the press release will be successfully completed or that Mobile Integrated Systems, Inc. will realize the anticipated benefits of any transactions. Various risk factors that may affect our business, results of operations and financial condition are detailed from time to time in the Annual Report on Form 10-K and in the Current Reports on Form 8-K and other filings made by Mobile Integrated Systems, Inc. with the U.S. Securities & Exchange Commission. Mobile Integrated Systems, Inc. undertakes no obligation to update information contained in this release.
SOURCE Mobile Integrated Systems, Inc.