LAS VEGAS, May 9, 2017 /PRNewswire/ --
Social Play USA, Inc. (OTC Pink Sheets; Symbol SPLY), ('Social Play' or the 'Company') announces that it has entered into a binding Letter Of Intent ('LOI') with Spot and Pay Inc. ('Spot&Pay') of Henderson, Nevada.
The binding LOI covers the acquisition of a unique and robust consumer mobile payment application predicated on the rapidly expanding use of QR codes for individual product purchases, charitable giving, and bill payment options.
Spot&Pay is a mobile payment application that is used in connection with third party QR codes that have been generated for specific uses; i.e. individual consumer products, specific services or group of services offered to the general public, B2B product and service offerings, monetary donations to charitable organizations, and quick and easy bill payments on recurring monthly accounts.
QR codes allow consumers a quick, simple, and paperless method of making purchases, donating to their favorite charity, and paying bills. The process relies on setting up a Spot&Pay mobile payment account attached to a credit card or direct debit account and then simply scanning a QR code with a mobile device for a particular product or service the consumer wishes to purchase. The Spot&Pay application will instantly facilitate the order and purchase of the product associated with the QR code and pay for it from the pre-designated method of payment set up by the user.
The most unique aspect of the Spot&Pay application is the ability to purchase products remotely, without having to visit a website or physically attending a retail establishment. This is accomplished simply by scanning a product's QR code wherever it can be seen; such as from a bus shelter advertisement or other media, i.e. television or computer screen situated in a public space.
While QR Codes have been used for years in direct marketing, they are only quite recently being used more widely for mobile, remote purchasing, banking, and payments. Wal-Mart, which introduced QR code payment solutions as part of its Wal-Mart Pay feature in 2015, reports that usage of its internal application was up 45% as of July 2016, with 38% of payments coming from repeat users in all of its 4,600+ stores nationwide. This evolution speaks to the growing acceptance of QR Codes as a more sophisticated tool for problem solving and information delivery.
Under the terms of the LOI the Company will acquire an initial thirty percent (30%) interest in Spot and Pay Inc. and the Spot&Pay mobile payment technology for $300,000. The Company also has an Exclusive Option to Purchase (the 'Option') the remaining seventy percent (70%) of Spot&Pay by issuing common shares in the capital of the Company valued at $700,000. The exact number of shares to be issued will be determined by the five day average trading price of the Company's shares prior to the date of exercising the Option.
Social Play USA is a business to business solutions provider for online companies; providing marketing, monetization, and support services for companies in the mobile applications marketplace.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Investor Relations at +1-855-780-4878 or firstname.lastname@example.org
President & CEO
This news release contains "forward-looking statements," as that term is defined in section 27a of the united states securities act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate," "anticipate," "believe," "plan" or "expect" or similar statements are forward-looking statements. Risks and uncertainties for the company include, but are not limited to, the risks associated with software development, sales & marketing, and funding as well as the risks shown in the company's most recent annual and quarterly reports filed and published on http://www.sec.gov, respectively, and from time-to-time in other publicly available information regarding the company. Other risks include risks associated with the regulatory approval process, competitive companies, future capital requirements and the Company's ability and level of support for its exploration and development activities. There can be no assurance that the Company's software development, sales & marketing efforts will succeed and the company will ultimately achieve commercial success. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the company's periodic reports filed and published from time-to-time on http://www.otcmarkets.com this news release has been prepared by management of the company who takes full responsibility for its contents. No securities regulatory authority has approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Social Play USA, Inc.