TORONTO, June 15, 2020 (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 it has received final approval from the necessary regulatory agency to close its previously announced warrant bonus agreement (“Bonus”) relating to the extension of the due date of a previously issued promissory note (“Note”).
The Company has completed the Bonus arrangement by issuing 12,014,000 warrants with an exercise price of $0.05 in settlement for the extension of the due date on a Note held by Korona Group Ltd. The extended due date is now June 30, 2021. When exercised, each warrant will allow for the purchase of one common share of iSIGN. The warrants have a term that matches the due date of the Note and cannot be extended.
The Note holder, Korona Group Ltd., is wholly owned by Josip Kozar, who is deemed to be a “related party”, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), of iSIGN, being the Company’s Chief Executive Officer and holding approximately 12.0% of the issued and outstanding common shares of the Company. As such, the issuance of this Note is a “related party transaction” for the Company. For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.
The Company also announces that it is now capable of handling mass registration for its Safety Alert Messaging (“SAM”) solution. Mass registration provides for instant registering of any quantity of registrants into SAM’s backend by exporting the five necessary pieces of information for SAM registration from a client’s database in a CSV file – last name, first name; cell phone number; email address and group designation (ex. family member, resident, employee, student, hotel quest, first responder, etc.). The purpose for mass registration is to make it for efficient for larger clients to have registrations loaded into SAM’s backend. The ability for an individual to register for SAM remains an option.
Additionally, the Company is pleased to advise that private labeling of SAM is now available to those organizations that wish to utilize SAM until their own organizations’ names.
About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), 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. 2019 winner of Richmond Hill’s Innovator of the Year award. 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.
© 2020 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
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