TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile advertising solutions that serves brands, commercial locations, retailers and service providers throughout North America, today announced the exercise of one million previously issued and outstanding warrants priced at $0.10 by Korona Group Ltd. (“Korona”).
Korona is a company wholly owned by Josip Kozar, iSIGN’s Chief Executive Officer and is a major shareholder. Korona’s exercise of warrants priced at a significant premium above current market price is a major statement of confidence in the direction the Company is taking, as well as in iSIGN’s future growth and valuation. Based upon iSIGN’s three-year renewable contract with Hi-Tek Media and other ongoing initiatives, the Company expects that it will be cash flow positive and self-sustainable within the foreseeable future.
Further exercise of warrants by Korona will be considered as required to allow for the future purchase and preparation of hardware components for our reseller in the United States to continue in their building of a one-of-a-kind mobile communications network powered by iSIGN’s patented technology and utilizing iSIGN hardware.
“I firmly believe that iSIGN’s patented technology is not properly understood and valued by the market, nor reflected in the current market price of our shares,” stated Mr. Josip Kozar, iSIGN’s Chief Executive Officer. “We believe we are in a position to see a great growth in revenue within the coming months as the Omni Veil network is scaled upwards in Nevada and additional states, as well as from the completion of other existing initiatives and other potential opportunities.”
Additionally, iSIGN wishes to announce that at this time it will not be following through on its intentions to complete a private placement of up to $250,000.
The decision to not proceed with this placement has been taken due to the recent press release by our reseller, Hi-Tek Media, and their related order for 100 Smart Antennas and 100 PODX units for use in emergency vehicles operated by Quality Towing (division of United Road Towing Inc.) and the Company’s desire to avoid unnecessary dilution arising from the issuance of shares and related warrants at this time.
We would like to thank all shareholders for their ongoing support throughout this exciting process.
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, MTREX Networks, TELUS and AOpen America Inc. 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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