TORONTO, June 20, 2016 /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 debt settlement arrangement with 1454602 Ontario Inc. and Alex Romanov, iSIGN's Chief Executive Officer, in which the Company has agreed to issue an aggregate of 584,614 common shares at a deemed price of $0.13 per share.
The total amount of indebtedness settled by these arrangements is $76,000 owed for interest on the convertible promissory note held by 1454602 Ontario Inc. and for reimbursement of expenses owed. The Company decided to satisfy this outstanding indebtedness with shares in order to preserve its 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.
1454602 Ontario Inc. is a related party of iSIGN under Multilateral Instrument 61-101 ("MI 61-101"). iSIGN is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101 under sections 5.5(a) and 5.7(a) of M! 61-101. Having regard to these exemptions and the Company's desire to complete the debt settlement as soon as possible, the Company believes that it is reasonable to close this shares for debt transaction less than 21 days after the date of this news release.
About iSIGN Media
iSIGN Media, based in Toronto, is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in gathering point-of-sale data and mobile shopper preferences to generate actionable data and reveal valuable consumer insights. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables brands to deliver targeted messaging, personalized offers and loyalty perks to consumers' mobile devices in proximity and with real-time proof of redemption. iSIGN's data gathering capabilities provide analytics on price points, typical purchases, in-store dwell time and other shopper metrics that identify emerging consumer behaviors. These insights enable smarter business decisions and provide increased ROI metrics for more transparent marketing. iSIGN delivers relevant, timely messages on an opt-in basis at no charge to consumers, transmitting rich media to consumer mobile devices via Bluetooth® and WiFi connectivity in complete privacy as opposed to iBeacons, apps, downloads and required surrendering of personal information. Proven to increase brand engagement and customer loyalty, iSIGN generates preference-based, predictive "clean data" without compromising consumer privacy. Partners include: IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and AOpen America Inc.
© 2016 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, [email protected]