CALGARY, June 12, 2017 /CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the "Corporation") announces the signing and financing of seven new contracts.
Ivrnet has signed two Calgary based residential community organizations to long-term contracts to employ Ivrnet Central for fee collection, member registration and community facilities. The two contracts are worth $82,800 over 36 months and $181,200 over 60 months.
Ivrnet has also signed two public service contracts for FinTech service provision by way of PCI compliant credit card payment processing. These contracts are based in both Alberta and British Columbia. The two contracts are worth $540,000 over 24 months and $23,400 over 12 months, respectively.
Ivrnet also signed two more FinTech service provision contracts by way of PCI compliant credit card payment processing with both a major educational institution in British Columbia and Utility Supplier in Alberta. These two contracts are worth $101,900 over 36 months and $30,000 over 24 months, respectively.
Finally, Ivrnet has signed one User Engagement/Communications contract with another major Utility provider in the Province of Manitoba. This contract is worth $43,200 over 24 months.
"Again, we are on target in attaining our goal of signing at least one major contract per month," explains Ivrnet CEO David Snell.
Ivrnet CEO David Snell explained that, similar to the recent Ivrnet Central contracts that were announced as signed in February of this year, all seven of these new contracts can add additional Ivrnet features to accommodate their growing organizational requirements over the respective terms of their contracts. Once again, this would equate to additional revenue growth for Ivrnet.
As is common business practice, a portion of the contracts were financed to provide the upfront capital required for configuration, customization as required, installation and training. It is typical in the software industry to finance and recognize revenue on contracts as 50% of the contract upfront and 50% over time. Ivrnet projects to finance and recognize between 35% and 50% of major Ivrnet contracts upfront, with the balance recognized over time.
Financing of $221,875 was provided by R.C. Morris at a cost of 17% and 310,645 warrants issued, under the terms and conditions of the existing $3,000,000 credit facility provided by R.C. Morris & Company Special Opportunities Debt Fund III LP; previously announced on August 3, 2016.
Further information and comments about recent client additions and deployments can be found under "News" on the Ivrnet website (www.ivrnet.com).
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business process improvement and advertising software applications, delivered through the traditional phone network and the Internet. These applications facilitate automated interaction through personalized communication between people; mass communication for disseminating information to thousands of people concurrently and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at any time, from anywhere in North America via voice, phone, fax, email, texting and the Internet.
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.
SOURCE IVRnet Inc.
For further information: please contact: Chris L. Topolniski - Chief Operating Officer, Ivrnet, Direct: (403) 538-9722, Cellular: (403) 870-2434, E-mail: [email protected]