iSIGN Media Announces the Close of its Previously Announced Warrant Bonus
June 15 2020 - 6:30PM
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
received final approval from the necessary regulatory agency to
close its previously announced warrant bonus agreement (“Bonus”)
relating to the extension of the due date of a previously issued
promissory note (“Note”).
The Company has completed the Bonus arrangement
by issuing 12,014,000 warrants with an exercise price of $0.05 in
settlement for the extension of the due date on a Note held by
Korona Group Ltd. The extended due date is now June 30,
2021. When exercised, each warrant will allow for the
purchase of one common share of iSIGN. The warrants have a
term that matches the due date of the Note and cannot be
extended.
The Note holder, Korona Group Ltd., is wholly
owned by Josip Kozar, who is deemed to be a “related party”, as
such term is defined in Multilateral Instrument 61-101 Protection
of Minority Security Holders in Special Transactions (“MI 61-101”),
of iSIGN, being the Company’s Chief Executive Officer and holding
approximately 12.0% of the issued and outstanding common shares of
the Company. As such, the issuance of this Note is a “related
party transaction” for the Company. For this transaction, the
Company has relied on the exemption from the formal valuation
requirements of MI 61-101 contained in section 5.5(a) of MI 61-101
and has relied on the exemption from the minority shareholder
approval requirements of MI 61-101 contained in section 5.7(a) of
MI 61-101.
The Company also announces that it is now
capable of handling mass registration for its Safety Alert
Messaging (“SAM”) solution. Mass registration provides for
instant registering of any quantity of registrants into SAM’s
backend by exporting the five necessary pieces of information for
SAM registration from a client’s database in a CSV file – last
name, first name; cell phone number; email address and group
designation (ex. family member, resident, employee, student, hotel
quest, first responder, etc.). The purpose for mass
registration is to make it for efficient for larger clients to have
registrations loaded into SAM’s backend. The ability for an
individual to register for SAM remains an option.
Additionally, the Company is pleased to advise
that private labeling of SAM is now available to those
organizations that wish to utilize SAM until their own
organizations’ names.
About iSIGN MediaiSIGN, a
Canadian company based in Toronto (Richmond Hill), 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. 2019 winner of Richmond Hill’s Innovator of the Year
award. Partners include IBM, Keyser Retail Solutions, Baylor
University, Verizon Wireless, TELUS and Mtrex Network
Solutions. www.isignmedia.com
Forward-Looking StatementsThis
news release may include certain forward-looking statements that
are based upon current expectations, which involve risks and
uncertainties associated with iSIGN Media’s business and the
environment in which the business operates. Any statements
contained herein that are not statements of historical facts may be
deemed to be forward-looking, including those identified by the
expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”,
“intend” and similar expressions to the extent they relate to the
Company or its management. The forward-looking statements are
not historical facts but reflect iSIGN Media’s current expectations
regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from
current expectations. iSIGN Media assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the
forward-looking statements.
© 2020 iSIGN Media Solutions Inc. All Rights
Reserved. All other trademarks and trade names are the property of
their respective owners.
Company contacts:
Bruce ReillyiSIGN Media Solutions Inc. bruce@isignmedia.com
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 accuracy of this release.
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