DALLAS, Feb. 17, 2016 (GLOBE NEWSWIRE) -- Blue Calypso, Inc. (OTCQB:BCYP), an innovator of mobile consumer activation, engagement and social advocacy solutions for manufacturers and brick-and-mortar retailers, announced today that it has repaid all amounts owed under the Senior Convertible Note (the “Note”) issued by the Company to Magna Equities II, LLC (“Magna”).
Blue Calypso issued the Note to Magna on July 20, 2015 as a bridge financing instrument in connection with the Company’s pursuit of an uplist to a national exchange. As reported previously, the markets became unstable in August and September and the Company decided it was in the best interest of the shareholders to withdraw its registration statement and application from the exchanges.
The Company repaid a portion of the outstanding Note principal on December 18, 2015. In connection with the December payment, the Company and Magna also restructured certain key terms and conditions of the Note including pushing certain installment and guaranteed interest payments until February 2016. Following the restructuring, the Company concluded that it was in the best interest of the Company and its shareholders to repay the remaining outstanding balance under the Note in cash prior to such installment and interest payments coming due. With the settlement of this Note, the Company now has no outstanding debt.
“By repaying the remaining balance of the Note, we have avoided any required interest payments and potential dilution to our existing shareholders as a result of the Note converting to our shares of common stock. We are pleased to retire the Note and strengthen our balance sheet,” said Andrew Levi, Blue Calypso Chairman and CEO.
About Blue Calypso, Inc. Dallas-based Blue Calypso, Inc. (OTCQB:BCYP) develops and delivers an innovative location-centric mobile shopper engagement experience for brands, retailers and consumers. The Company’s KIOSentrix® platform connects consumers to brands, drives local in-store traffic, increases shopper spend and shortens the consumer’s path-to-purchase. The Company was recently selected to Retail CIO Outlook magazine’s “Top 10 Merchandising Solution Providers – 2016”. For more information about the company, please visit www.bluecalypso.com.