TORONTO, Aug. 23, 2017 /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 promissory note ("Note") with Korona Group Ltd., in the amount of $600,700.
These funds have been received by the Company over the past seven months and have been used for the software development of the Company's Security Alert Messaging ("SAM") and Push Sensor technology, as well as operational purposes.
The completion date for the development and testing of the SAM software is expected to be by the end of this month. The new SAM software will be demonstrated and introduced to a variety of interested parties, including but not exclusive to our resellers. The Company has received patent pending status for its Push Sensor software in Canada and is currently pursuing patent pending status in the United States and will be filing in other targeted markets as required.
The Note will mature on August 31, 2018. The Note does not bear interest, but is subject to a bonus payable in the Company's shares. The bonus is calculated as being 15% of the value of the Note, converted into shares based upon a conversion rate of $0.08, a total of 1,126,312 common shares.
The shares issued under this Note will be subject to a minimum hold period of four (4) months from the date of their issue.
The terms of this Note are subject to receipt of all necessary regulatory approvals, including the approval on the TSV Venture Exchange.
Additionally, the Company has entered into a debt settlement arrangement with it directors, officers and employees in which the Company has agreed to issue an aggregate of 1,456,966 common shares at a deemed price of $0.08 per share.
The total amount of indebtedness settled by these arrangements is $116,557 owed to directors, officers and employees. The Company elected 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.
The Company also wishes to announce that the appointments of Joe Kozar and Alex Romanov as Chief Executive Officer and Vice President, Sales and Operations respectively, have been extended for an additional three month period effective September 1, 2017.
The Company has granted 250,000 stock options to its Vice President, Sales and Operations at an exercise price of $0.15, as part of his compensation package. These options have a term of five years and have vesting restrictions.
The grant is subject to regulatory approval. Ten percent of the Company's 108,390,169 outstanding shares are reserved for issuance under the Company's stock option plan.
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 Wi-Fi 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. www.isignmedia.com
© 2017 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: Joe Kozar, iSIGN Media Solutions Inc., [email protected]