TORONTO, June 28, 2018 /CNW/ - 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 entered into a shares for debt arrangement with its Directors, officers and employees ("Parties"), in which the Company has agreed to issue 6,860,420 common shares at a deemed price of $0.10 per share in settlement of debts totaling $686,042.
The Parties involved in this transaction agreed to a pricing that is above current market pricing based on various projects that are presently in process. The pricing reflects the Company's and the Parties' expectations that the Company is moving towards the completion of contracts and related revenues.
Included in these various projects is the Smart City proposal to the City of Las Vegas, submitted in mid-June and introductions and positive negotiations currently being experienced with three Canadian cities related to Smart City goals, involving both iSIGN's Security Alert Messaging ("SAM") and Smart Antenna.
Under the requirements of the TSX-Venture Exchange, the Company has solicited the approval of various shareholders not involved in this transaction, who own in excess of 50% of the Company's issued and outstanding shares. Approval for this transaction has been received from all shareholders who were approached.
Satisfying this outstanding indebtedness with shares improves the Company's Balance Sheet and conserves the Company's cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture Exchange ("Exchange"). The Company will issue these shares, which are subject to a four month hold period once approval has been received from the Exchange.
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 AOpen America Inc. www.isignmedia.com
© 2018 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
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 or accuracy of this release.
SOURCE iSIGN Media Solutions Inc.
For further information: Investor contacts: Alex Romanov, iSIGN Media Solutions Inc., [email protected]