VANCOUVER, Jan. 29, 2016 /CNW/ - Oramericas Corp (NEX-TSXV Exchange: OA.H) (the "Company") is pleased to announce its continued restructuring efforts with a view to re-activating its business and its listing as a Tier II Technology Issuer on the TSX Venture Exchange.
On January 25, 2016, the Company announced the retention of executives to its management team. It has now approved the granting 500,000 stock options to these executives at an exercise price of $0.10 per share. All stock option grants have been made in accordance with the Company's 10% rolling stock option plan.
The Company is also pleased to announce the completion of a Platform Software License and Managed Services Agreement with the Parlay group of companies (www.parlaygroup.com), which provides for the construction, license, customization and development of a social gaming platform. The platform will be designed using Parlay's award winning backoffice systems as well as its gaming content. It will service music industry artists and their fans and offer proprietary loyalty and gamification services, including competition, leaderboards and tournament elements, in exchange for fan membership fees and top-up purchases. The system will offer turn-key white labeling opportunities to artists, allowing them to use gamification systems to monetize and enhance fan loyalty. The Company will share revenue with its software provider and its artist customers.
The arrangement also provides the Company with an option to purchase a fully-paid software license, which would give it perpetual software rights and source code access thereby capping the consideration payable for the technology platform and adding intellectual property ownership value to the business.
The Company is also pleased to announce the launch of its website at www.backstageplay.com and the purchase of the URL www.backstageplay.com.
Copies of the agreements are available under the Company's profile on SEDAR at www.sedar.com.
The Company intends to continue its restructuring efforts and will provide additional updates to shareholders as they become available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain statements about expected future events and/or financial and operating results of the Company that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
SOURCE Oramericas Corporation
For further information: Laura Malone, Director of Communications, +1 (416) 578-4164; Scott White, CEO, +1 (416) 704-6611