Mobile Integrated Systems Announces Termination of the Arrangement Agreement with QAT
TORONTO, March 15, 2013 /PRNewswire/ -- Mobile Integrated Systems, Inc. (OTCUS: MIBI), (OTCQB: MIBI) (the "Company") announces that it has terminated the arrangement agreement dated August 20, 2012, as amended (the "Arrangement Agreement") pursuant to which it had agreed to acquire all of the outstanding common shares of Quantitative Alpha Trading, Inc. ("QAT"). The Company terminated the Arrangement Agreement as a result of QAT being in breach of certain of its covenants under the agreement.
Mobile Integrated Systems Inc. also announces that, due to QAT being in default of its obligations under the first priority secured bridge loan (the "Bridge Loan"), the Company took steps to enforce its security interests under the Bridge Loan. Such collateral interests include all of the present and after-acquired intellectual property of QAT.
About Mobile Integrated Systems, Inc.
Mobile Integrated Systems, Inc. is a technology company focused on developing and deploying interactive and mobile products and transaction systems for a variety of industry sectors including, but not limited to, financial services, gaming, transportation and telecommunications. 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.
Mobile Integrated Systems
25 Adelaide Street East, Suite 502
Toronto Ontario M5C 3A1
SOURCE Mobile Integrated Systems, Inc.