CAMBRIDGE, MA, May 15, 2018 (GLOBE NEWSWIRE) -- MobiCard Inc. aka Peer to Peer Network (OTC: PTOP) announces they are working to uphold proper corporate Governance procedures, and taking steps to protect shareholders. As well as initiating a review to commence in regard to the Asset Acquisition detailed in an 8K filing with the SEC in 2015 detailing a convertible note issued to Code2Action.
The Asset Acquisition detailed in an 8K filing with the SEC in 2015 between Peer To Peer Network and Code2Action is under review. We would encourage people to wait until this review is completed before taking any action regarding this matter. MobiCard is assessing the MobiCard platform assets it acquired from Code2Action in 2015 to ensure compliance with the terms of that transaction.
The Mobicoin rewards platform had been suspended in early 2018 for a review and legal opinion. It obtained that opinion shortly thereafter and had decided to continue the suspension of the Mobicoin reward program until the relaunch of MobiCard version 3.0 has been completed. Mobicoins previously issued are still valid, but the reward program is being revamped. If anyone has been solicited or transacted any business in this rewards program after Jan 15th please send an email to info@freemobicard.com immediately. If any activity is conducted in Mobicoin rewards program it is against the company’s internal policies and would be a violation of such policies and the company will consider it theft of company property.
The company would like to clarify that Christopher Esposito is not an employee, independent contractor, nor does he hold any other position within the organization of MobiCard Inc. aka Peer to Peer Network. The only relationship the company will have with him, is as a representative of Code2Action a private company that holds a convertible note that would convert into shares of MobiCard Inc. aka Peer To Peer Network. This note is under a review.
James A. Bento, CEO, stated, “The audit firm is currently waiting for further information of the Code2Action note and valuation, that had been detailed in a 2015 8K filing with the SEC. This Code2Action note is under review for accuracy and is undergoing an internal review in order to comply with the proper PCAOB accredited procedures.”
Finally, Joshua Sodaitis, Chairman of the Board, said, “I will continue to share the news and developments of the company to paint a full picture of every development that I believe is necessary that comes to our attention in order to protect shareholders, increase shareholder value, and progress the company forward in a positive way. I am working diligently alongside the CEO to enforce the proper corporate governance procedures, so that this company will be able to reach its goals, objectives, in order to run smoothly and be successful for all involved. We have made a lot of progress but have encountered hurdles along the way.”
MobiCard Inc. aka Peer to Peer Network ("PTOP") owns and markets its core technology, a SaaS mobile solution branded C2A MobiCard, a scalable mobile business card software platform that enables users to create a customized web based personalized mobile app that is sharable by text SMS, email, digital and social media. Subscribers are able to track card opens, views and shares all while validating and analyzing new leads and referrals in real time, thereby knowing who and when to follow up www.freemobicard.com.
Safe Harbor Statement:
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.