TORONTO, Aug. 12, 2019 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions, today announced they have rescinded the non-binding Letter of Intent (“LOI”) signed with Coxcom Inc. (“Coxcom”) and its parent, Sat Reach Inc. (“Sat Reach”) on April 12, 2019 due to the failure of the parties to fully agree upon terms and conditions in the definitive Share Purchase Agreement.
With the withdrawal of the LOI, iSIGN will not be looking to complete the previously announced $1.5 million funding that was to be used to retire Sat Reach and Coxcom debt of $1.1 million and provide working capital for the companies.
Further, iSIGN is announcing their intention to complete a smaller non-brokered raise of up to $250,000 to provide bridge financing to the expected arrival of contracts and payments from its major reseller in the United States. iSIGN expects that the pricing will be $0.08, for up to 3,125,000 units in the Company, with each unit consisting of one common share of the Company and one common share purchase warrant that would entitle the holder to purchase one common share at a price of $0.12 for a period of 12 months from the date of close.
The completion of the private placement would be subject to receipt of TSX Venture Exchange approval.
About iSIGN Media
iSIGN, a Canadian company based in Toronto, Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. Partners include IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and Mtrex Network Solutions. www.isignmedia.com
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect iSIGN Media’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. iSIGN Media assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
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