TORONTO, Oct. 11, 2019 (GLOBE NEWSWIRE) -- 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 the previously announced shares for debt arrangement (“Arrangement”) with its Directors and others (“Parties”).
The Company has completed the Arrangement by issuing 11,674,465 common shares (“Shares”) at a deemed price of $0.06 per share. These shares are subject to a four-month hold period, ending February 12, 2019.
The total amount of indebtedness settled by this Arrangement is $700,468. The Company agreed to satisfy this outstanding indebtedness with shares to perverse its cash for operational expenses. Included in this transaction is $600,000 owed to QDAC Inc., a company in which Korona Group Ltd., a company wholly owned by Joe Kozar, iSIGN’s Chief Executive Office, is a minority owner.
Satisfying this outstanding indebtedness with shares is being undertaken in order to preserve the Company’s cash for operational purposes.
About iSIGN Media
iSIGN, a Canadian company based in Toronto, 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. Partners include: IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and AOpen America Inc. www.isignmedia.com
© 2019 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Investor contacts:
Bruce Reilly
iSIGN Media Solutions Inc.
bruce@isignmedia.com
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