IRVINE, CA, March 08, 2018 (GLOBE NEWSWIRE) -- Vita Mobile Systems, Inc. (OTC PINK: VMSI) is pleased to announce that the Company has entered into a funding agreement to expand the content infrastructure for its highly anticipated VITA app.
Vita Mobile Systems secured funding at an approximate Company valuation of $150 million. Further details on financing will be available in the Company’s quarterly report for Quarter 1 of fiscal year 2018 to be filed with OTC Markets, on or about May 15, 2018.
“With the huge anticipation by the public to our up and coming beta launch, we are ensuring that we have the proper infrastructure and resources in place to manage growth, widespread use, and the capturing, storing, and categorizing of big data. In addition to expanding VITA’s infrastructure, we are also adding the necessary staff to manage the growth we anticipate from day one.” Stated Sean Guerrero, CEO Vita Mobile Systems, Inc.
Mr. Guerrero continued by stating, “We reached out to our financial advisors for comments regarding the terms of the transaction. Based on the fact that this is a non-toxic equity based financing, they were very pleased and we consummated the deal.”
VITA is a revolutionary mobile social app that uses crowdsourcing, geolocation and artificial intelligence technology to allow anyone to easily find and view what's happening at any place around them or across the globe. Vita Mobile Systems moved the company and its proprietary technologies from the private sector to the OTC market last year and plans to up list to the OTCQB soon after the VITA app goes live.
To see more about VITA please visit the Vita Mobile Systems website at www.vitamobilesystems.com.
About Vita Mobile Systems, Inc. (www.vitamobilesystems.com)
Vita Mobile Systems is an open network app company focusing on digital imaging and technology in mobile devices. Vita Mobile Systems is currently finalizing "VITA" for release on both iOS and Android. VITA is an open network social platform that allows users to easily take unfiltered pictures and videos that organically illustrate, record, and share life's events, creating an authentic immersive crowd-sourced view of everyday life. The purpose of VITA is to allow users to experience events, places, landmarks, and more, from the perspective of the people that are attending, or are physically there. VITA is expected to generate not only traditional revenue with picture and video page views, but also more lucrative, hyper-local advertising as well as 2-D and 3-D augmented reality advertising.
Cautionary Language Concerning Forward-Looking Statements:
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by VITA. The public filings, if any, of Vita Mobile Systems, Inc. (OTC Pink: VMSI) may be accessed at www.otcmarkets.com. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. VITA cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, VITA does not undertake, and VITA specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.