JAKARTA, Indonesia, March 23, 2020 /PRNewswire/ -- KinerjaPay Corp (OTCQB: KPAY) reported that the Company has incurred additional costs for the issuance of the MT-799 Bank Guarantee. This has delayed the receipt. Mr. Edwin W. Ng's (Chairman & CEO of KinerjaPay) recent $1 million equity infusion into the Company has enabled the Company to handle this burden. Recent changes in the issuing Bank's Compliance Department has increased the cost of issuing the guarantee. The Company is paying these costs. The Company's Investor, Infinity Venture Capital Pte Ltd., a Singapore-based corporation, has advised that once these costs have been covered, their Bank will issue the Bank Guarantee for $25 million to our local bank.
The Company has an established line of credit with China Construction Bank, Jakarta for US$25 million. Mr. Ng said: "This process has taken significantly longer than anyone could have anticipated. I am convinced, as evidenced by my own investment, that we are finally at the end of a lucrative process for our shareholders. I expect to receive the Bank Guarantee by the end of March, 2020." Infinity has confirmed their investment through the already announced Convertible Preferred, which is convertible at $1.80/share.
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the SEC on April 20, 2018 and most recently in our Registration Statement on Form S-1/A filed with the SEC on December 21, 2018, pursuant to which we are offering 300,000 Shares of 11% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 Per Share.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this release.
Email: [email protected]
SOURCE KinerjaPay Corp.