CALGARY, June 12, 2017 /CNW/ - Ivrnet Inc. (TSXV: IVI)
("Ivrnet" or the "Corporation") announces the signing and financing
of seven new contracts.
Ivrnet has signed two Calgary
based residential community organizations to long-term contracts to
employ Ivrnet Central for fee collection, member registration and
community facilities. The two contracts are worth $82,800 over 36 months and $181,200 over 60 months.
Ivrnet has also signed two public service contracts for FinTech
service provision by way of PCI compliant credit card payment
processing. These contracts are based in both Alberta and British
Columbia. The two contracts are worth $540,000 over 24 months and $23,400 over 12 months, respectively.
Ivrnet also signed two more FinTech service provision contracts
by way of PCI compliant credit card payment processing with both a
major educational institution in British
Columbia and Utility Supplier in Alberta. These two contracts are worth
$101,900 over 36 months and
$30,000 over 24 months,
respectively.
Finally, Ivrnet has signed one User Engagement/Communications
contract with another major Utility provider in the Province of
Manitoba. This contract is worth
$43,200 over 24 months.
"Again, we are on target in attaining our goal of signing at
least one major contract per month," explains Ivrnet CEO
David Snell.
Ivrnet CEO David Snell explained
that, similar to the recent Ivrnet Central contracts that were
announced as signed in February of this year, all seven of these
new contracts can add additional Ivrnet features to
accommodate their growing organizational requirements over the
respective terms of their contracts. Once again, this would
equate to additional revenue growth for Ivrnet.
As is common business practice, a portion of the contracts were
financed to provide the upfront capital required for configuration,
customization as required, installation and training. It is
typical in the software industry to finance and recognize revenue
on contracts as 50% of the contract upfront and 50% over time.
Ivrnet projects to finance and recognize between 35% and 50% of
major Ivrnet contracts upfront, with the balance recognized over
time.
Financing of $221,875 was provided
by R.C. Morris at a cost of 17% and
310,645 warrants issued, under the terms and conditions of the
existing $3,000,000 credit facility
provided by R.C. Morris &
Company Special Opportunities Debt Fund III LP; previously
announced on August 3, 2016.
Further information and comments about recent client additions
and deployments can be found under "News" on the Ivrnet website
(www.ivrnet.com).
About Ivrnet
Ivrnet is a software and communications company that develops,
hosts, sells and supports value added business process improvement
and advertising software applications, delivered through the
traditional phone network and the Internet. These applications
facilitate automated interaction through personalized communication
between people; mass communication for disseminating information to
thousands of people concurrently and personalized communication
between people and automated systems. Ivrnet's applications are
accessible through nearly any form of communication technology, at
any time, from anywhere in North
America via voice, phone, fax, email, texting and the
Internet.
www.ivrnet.com
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 for
the adequacy or accuracy of this release.
SOURCE IVRnet Inc.
