LAS VEGAS, Oct. 05, 2016 (GLOBE NEWSWIRE) -- WealthIntel is proceeding with its non-brokered private placement offering of up to 4,000,000 Series A Convertible Preferred shares to accredited Investors both domestic and international pursuant to SEC Rule 501 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or to non-U.S. Persons as such term is defined in Regulation S promulgated under the Securities Act. The Company is offering initially 1,250,000 Series A Convertible Preferred shares at $1.60 per share, to fund Beta development and testing of WitPay, its intelligent payment method.
“WealthIntel aims to code and establish a pioneering intelligent payment method. The proceeds of the Offering will be allocated to complete Beta development and testing in addition to marketing during the testing phase anticipated to take place in one or two cities in the US. We believe the system has significant customer retention capabilities due to its unique features," said Fabrizio Boccardi CEO and Chairman of WealthIntel, Inc.
“The Private Offering has been drafted to offer in phases as needed certain amounts of Series A Convertible Preferred shares to selected investors. Based on the Company’s strategy and products we expect to create substantial value during Beta,” said George Bristol the Company’s CFO.
WealthIntel has previously announced that trademark applications have been filed for WitPay™ to name its pioneering intelligent method, system of payment finance and social commerce operated and managed by GobblinQ™ (“GQ System”). WealthIntel acquired the Intellectual Property from Scintilla Quantum LLC.
GobblinQ™ has pending patents filed in the USA and internationally by the New York law firm of Andrews Kurth Kenyon LLP.
WealthIntel has recently engaged management and its CTO to lead Beta development and testing.
Venture capital firm Legion Capital America controlled by investor Fabrizio Boccardi is sponsoring the Offering by providing capital through the first closing.
About WealthIntel, Inc.
WealthIntel, Inc. is an American development stage technology company that designs, develops, software and sells consumer products and services in the payment, finance, banking, e-commerce and m-commerce sectors.
About Legion Capital America, LLC.
Legion Capital America, LLC, is a venture capital firm focusing in early stage companies.