Mobi724 Global Solutions Acquires Remaining Shares of Solutions Inc.

Mobi724 Global Solutions (CSE:MOS) completed the acquisition of the remaining 49 percent tranche of Solutions Inc., rendering the company a wholly owned subsidiary of Mobi724. Mobi initially acquired a 51 percent controlling interest in Solutions Inc. in July 2013.
As quoted in the press release:

The purchase price for the remaining 49% shares of Solutions Inc. represents 20.70% of the aggregate total issued and outstanding shares of the Company as of the 19th of October 2015 (the “Purchase Price”) after issuance of shares to the remaining shareholders of Solutions Inc. (the “Remaining Shareholders of Solutions Inc.”). At closing, the Remaining Shareholders of Solutions Inc. received 14,493,074 common shares of the Company which represents 20.70% of the aggregate total issued and outstanding shares of the Company as of the 19th of October 2015. The Purchase Price is subject to a pre-defined anti-dilution provision with a cap of 18.05% of the total issued and outstanding shares of the Company. The anti-dilution provision covers the current $3,200,000 round of financing, which the Company is seeking to raise and all outstanding debentures that are slated to be converted at year’s end including the debentures converted on October 20, 2015.

CEO Marcel Vienneau stated:

Today all of the founders of Mobi724 Solutions Inc. are key executives of the Company. This shows the degree of confidence and commitment that the founders of Mobi724 Solutions Inc. have in the future success of the Company. As a shareholder group, the shareholders of Mobi724 Solutions Inc. now represent the largest shareholder group of the Company and, as key members of the management team, we intend to accelerate the creation of value for all of the Company’s investors. Our digital incentives and couponing solutions are very innovative and bring a great deal of value to players in the global payment space such as banks, mobile carriers and large retailers. Our “best of the breed” solutions are in revenue mode and have begun to gain traction with many global brands in multiple countries. All of this simply adds to the Company’s ‘smart transaction’ vision.

Click here for the full press release.