KinerjaPay Corp. Updates Investors About Equity Funding From Wahana Group and P2P License
Apr 18, 2019, 08:00 ET
JAKARTA, Indonesia, April 18, 2019 /PRNewswire/ -- KinerjaPay Corp. a Delaware corporation, (OTCQB: KPAY) (the "Company" or "KPAY"), a Digital Payment and e-Commerce Platform, today announced that the SWIFT transfer in the value of US$100 million from PT. Investa Wahana Propertindo's / PT. Investa Wijaya Pembangunan's (the Investor) Bank has been initiated and the proof of the banking instrument transmission has been received by the Company. This particular SWIFT message transfer will be part of the issuance and sale of $200 million of the Company's newly authorized shares of Series F and Series G Convertible Preferred Stock (the "Preferred Stock") for $200 million, which Preferred Stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.
The Company's representative confirms the transmission of the banking instrument and it is currently being processed by the Correspondent Bank of the recipient bank, which is the bank being appointed by the Company in Indonesia. Upon clearance by the Correspondent Bank, the Company shall expect to receive it over the next week. The Company views this as the beginning of the completion of Wahana's subscription agreement over the near term, and confidents that the funding deal by Wahana Group will soon close.
At the same time, the Company also would like to update its investors that the Company has completed its submission of documents and aptitude tests for its Commissioners and Directors of PT. Kinerja Simpan Pinjam ("PT. KSP"), a fully-owned subsidiary of KinerjaPay Corp., in Indonesia, as part of the main requirements of the Company to obtain Peer-to-Peer License in Indonesia. In doing so, the Company is currently in full compliance with the regulations set by OJK (Financial Services Authority), an autonomous agency that governs, regulates, and supervises capital market and financial institutions in Indonesia. Furthermore, the Company expects to start its lending operation within 30 days and anticipates the lending service to be its mainstream product line.
About KinerjaPay
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides 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 letter.
Media Contact:
KinerjaPay Corp.
Email: [email protected]
+62-21-2918-1336
SOURCE KinerjaPay Corp.