TORONTO, June 20, 2016 /CNW/ - 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 entered into a debt settlement arrangement with
1454602 Ontario Inc. and Alex
Romanov, iSIGN's Chief Executive Officer, in which the
Company has agreed to issue an aggregate of 584,614 common shares
at a deemed price of $0.13 per
share.
The total amount of indebtedness settled by these arrangements
is $76,000 owed for interest on the
convertible promissory note held by 1454602 Ontario Inc. and for
reimbursement of expenses owed. The Company decided to
satisfy this outstanding indebtedness with shares in order to
preserve its cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture
Exchange ("Exchange"). The Company will issue these shares,
which are subject to a four month hold period, once approval has
been received from the Exchange.
1454602 Ontario Inc. is a related party of iSIGN under
Multilateral Instrument 61-101 ("MI 61-101"). iSIGN is exempt from
the formal valuation requirement and shareholder approval
requirement of MI 61-101 under sections 5.5(a) and 5.7(a) of M!
61-101. Having regard to these exemptions and the Company's
desire to complete the debt settlement as soon as possible, the
Company believes that it is reasonable to close this shares for
debt transaction less than 21 days after the date of this news
release.
About iSIGN Media
iSIGN Media, based in Toronto, is a data-focused,
software-as-a-service (SaaS) company that is a pioneering leader in
gathering point-of-sale data and mobile shopper preferences to
generate actionable data and reveal valuable consumer insights.
Creators of the Smart suite of products, a patented
interactive proximity marketing technology, iSIGN enables brands to
deliver targeted messaging, personalized offers and loyalty perks
to consumers' mobile devices in proximity and with real-time
proof of redemption. iSIGN's data gathering capabilities
provide analytics on price points, typical purchases, in-store
dwell time and other shopper metrics that identify emerging
consumer behaviors. These insights enable smarter business
decisions and provide increased ROI metrics for more transparent
marketing. iSIGN delivers relevant, timely messages on an opt-in
basis at no charge to consumers, transmitting rich media to
consumer mobile devices via Bluetooth® and WiFi connectivity in
complete privacy as opposed to iBeacons, apps, downloads and
required surrendering of personal information. Proven to
increase brand engagement and customer loyalty, iSIGN generates
preference-based, predictive "clean data" without compromising
consumer privacy. Partners include: IBM, Keyser Retail
Solutions, Baylor University, Verizon
Wireless, TELUS and AOpen America Inc.
© 2016 iSIGN Media Solutions Inc. All Rights Reserved. All other
trademarks and trade names are the property of their respective
owners.
Neither the TSX Venture Exchange nor Its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility or accuracy of this
release.
SOURCE iSIGN Media Solutions Inc.