JAKARTA, Indonesia, July 29, 2019 /PRNewswire/ -- KinerjaPay Corp., a Delaware corporation (OTCQB: KPAY), a digital payment and e-commerce platform, ("KinerjaPay" or the "Company") today announced an update reporting to its shareholders and the investing public regarding investment commitments received by the Company. Since our announcement on May 23, 2019 release, the Company has achieved significant progress in closing its transaction with the pending investor, the Wahana Group, and has also received commitments from several new "high-net-worth" investors from Singapore, Malaysia, and Indonesia. All of these new investors have either signed the Term Sheets provided by the Company and/or the Subscription Agreements for Preferred Stock, similar to that of our previously announced Wahana Group arrangement.
The Company has determined not to disclose the final terms of the executed Subscription Agreements and Term Sheets but will do so upon full or partial receipt of subscription proceeds from the investors. One of the most prominent investor commitment is from a Singapore-registered company, R Way Solution Pte. Ltd., which signed a Subscription Agreement with KinerjaPay Corp at the end of June 2019 through an affiliated entity. Other investors from Indonesia and Malaysia are still under negotiation with the Company to commit up to US$100 million over a period of 12 months.
In addition, as of June 19, 2019, the Company received an Indicative Term Sheet from the local bank, as the result of an official Bank Instrument received by the bank in May 2019. After several discussions and further negotiations, the bank issued the Company a Credit Facility up to US$25 million, and the Bank's Loan Officers have submitted to its Approving Committee the Company's Loan Proposal, Schedule of Company Accounts, Cash Flow Projections, and Company Profile. The Company determined not to publicly disclose the proposed Credit Facility received from the Bank in order to avoid unnecessary any perceived interference with the Approval Committee, which might jeopardize the approval process. However, given the progress reports that the Company has received, KinerjaPay had determined that now is a proper time to issue this announcement and release, while we are working closely with the Bank to conclude the funding.
When asked about the overall financial situation of the Company, Mr. Edwin W. Ng, our Chairman and CEO commented, "Right now, we are at the pivotal stage in the major funding of and the positive direction of the Company. Upon achieving one or more closings with our investors and Bank funding, KinerjaPay will literally be transformed into a profitable and cash-rich Company, fully capable of commencing our planned investment objectives, stock repurchase program and other related transactions. Our foundation is in place and I firmly believe that should be only a matter of time, which I expect may be relatively brief, for several of our pending investment transactions to close." Mr. Ragunandan B., Chairman of the Board of R Way Solution Pte. Ltd, stated that his, "Company's interest in KinerjaPay was mainly due to its potential to develop its modern business channels in rural areas of Indonesia that will help raise the standard of living for the lower income market." He further commented, "We are fully confident to support KinerjaPay financially to help expand its footprint in Indonesia and throughout Asia in the near future."
Upon receipt of the Credit Facility from the local bank, the funds received will be used to fulfill the convertible preferred stock commitment signed earlier this year between the Company and Wahana Group. The Company has also requested Wahana Group to provide additional bank instruments to reach Wahana's US$200 million commitment. KinerjaPay remains committed to the stock repurchase program and its technology investment acquisition program previously announced upon receipt of the investor funds, whether partially or fully-funded by investors.
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.
SOURCE KinerjaPay Corp.