NEW YORK, February 24, 2017 /PRNewswire/ --
Tapinator, Inc. (OTC:TAPM), a developer and publisher of mobile games on the iOS, Google Play, and Amazon platforms, today announced that it recently entered into a Stock Purchase Agreement with David Unger for the purchase of 500,000 shares of the Company's common stock for an aggregate purchase price of $150,000, or $0.30 per share, which will be payable in two tranches. In connection with the financing, the Company also issued to Mr. Unger two warrants to purchase up to an additional 500,000 shares of the Company's common stock under each warrant at an exercise price of $.30 and $.36, respectively. For details relating to the terms and conditions of the financing, please refer to Tapinator's Supplemental Information Report with OTC Markets dated February 24, 2017 available at http://www.otcmarkets.com/stock/TAPM/filings .
Commenting on the financing, Andrew Merkatz, President of Tapinator, stated, "We are thrilled to welcome David as a long-term fundamental private investor who shares our enthusiasm for what we have built at Tapinator, and for our vision of delivering high quality mobile gaming entertainment to large audiences for years to come."
Mr. Unger has more than 30 years of experience in the media and communications industries and has been involved in more than $2 billion of transactions covering all aspects of media, telecom and entertainment. Mr. Unger is the Managing Partner of New Hope Capital, an independent boutique merchant banking firm specializing in all aspects of the media. Prior to founding New Hope Capital, Mr. Unger spent ten years as Founding Partner of Avalon Equity, a private equity fund specializing in Media and Communication. Prior to that, he was a very successful entrepreneur buying and selling companies for his own account including Avalon Cable, Audio Communications Network, Video Jukebox Network among others. Earlier in his career, he spent 8 years at Vice President Investment Banking at Communications Equity Associates, and was CFO of TKR Cable. Mr. Unger has passed the Series 7, Series 63 and CPA exams. He is a graduate of The Wharton School of the University of Pennsylvania Class of 1977 and has an MBA from New York University.
Tapinator (OTC: TAPM) develops and publishes mobile games on the iOS, Google Play, and Amazon platforms. Tapinator's portfolio includes over 250 mobile gaming titles that, collectively, have achieved over 350 million player downloads, including games such as ROCKY™, Combo Quest, Video Poker Classic, Solitaire Dash and Burn It Down . Tapinator generates revenues through the sale of branded advertisements, paid downloadable games and premium in-game content. Founded in 2013, Tapinator is headquartered in New York, with product development teams located in the United States, Germany, Pakistan, Indonesia, Russia and Canada. Consumers can find high-quality mobile entertainment wherever they see the 'T' character logo, or at Tapinator.com.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "may," "will" "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this release involve substantial risks and uncertainties that could cause the development and monetization of our mobile games, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the hits nature of the mobile gaming business. Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the company's common stock on the OTC Market Group's OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the company's common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group's OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company, see Tapinator's Risk Factors which are available within the disclaimers section of Tapinator.com.
This release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of any securities of the Company where such offer, solicitation or sale would be unlawful prior to the registration or qualification under applicable securities laws.
SOURCE Tapinator, Inc.