Mobicard announces the
completion of its negotiations with Think Latitude, discloses
specific details, and provides a progress report
on Mobicard's
financials.
Cambridge,
MA -- December 3, 2018 -- InvestorsHub NewsWire
-- Following multiple
presentations from Mobicard Inc. to Think Latitude Inc.
and multiple rounds of negotiations, the two parties have come to
an agreement that will (once executed) provide a path forward to
pursue a continued relationship and advance the technology
of Mobicard together.
The strategic plan to build a
cross-functional application, that
places an
emphasis on creating digital business cards to share and network
with other individuals, uses the newest technology strategies for
the future of the Mobicard platform. The total cost for
the enterprise application will be $145,000 and Think Latitude will
become an equity partner upon completion of the Statement of Work.
In accordance with "your success is our success" philosophy, Think
Latitude will be issued shares of Mobicard (PTOP), which equates to 15%
of the Mobicard equity with an anti-dilution
clause. This partnership ensures that Think Latitude will work
towards Mobicard's
success with a
vested interest in Mobicard Inc.'s business.
Misha Shah, COO of Think
Latitude states "Our executive team is both honored and invested in
moving the current landscape of Mobicard to the next
level. Throughout the course of the
year, we have had numerous meetings and design discussions to truly
understand the essence of how the platform is envisioned and what
our development team is going to achieve in the coming
months. With a significant equity
partnership with Mobicard, Think Latitude can help
cater the enterprise platform to realize scalable milestones over
the course of the coming months". Think Latitude will also be
granted a Technology Advisory role on Mobicard's
Advisory Board to
provide advice on current technology, new technology insights,
advancements, and general climate of technology as it relates to
the Mobicard landscape of
business.
Andy Sajnani, CEO of Think Latitude Inc.
added, "I'm excited to serve as the Technology Advisor on
the Mobicard advisory
board. Being thoroughly involved
from the early discussions to the present state of this project has
enabled me to take an active role in understanding the business
model, and potential of Mobicard which in turn allowed me to
assist in choosing the proper technologies to develop their future
vision and new platform. While we are taking a
phase-based approach to releasing the beta and first version of the
platform, our goal is to create a strong landscape that can support
many advanced features in future versions to
come. As our companies have completed
negotiations, we believe this ongoing partnership will continue to
foster the Think Latitude-Mobicard relationship while we are
progressing through the development phase. I strongly believe that the
alignment of our goals will allow the Mobicard platform to experience much
success in the coming release."
The Statement of Work and
Agreement (SOW) will be executed upon an upfront payment of $25,000
and the signed agreement from Mobicard to Think
Latitude. Another $25,000 will be due
within the following 60 days of the project kick off date. The
remainder of the payments can be made in three subsequent equal
installments after 5 weeks, 10 weeks, and 15 weeks of the
project.
Through application
development, Think Latitude will be responsible for the design and
implementation of Mobicard application's new platform
with the newest coding languages on six major levels once the
SOW is executed. The six major
levels include; one iOS application, one Android application, one
web application, one master admin portal, one organizational admin
portal, and one individual analytics portal, which will be tied
into the interface of the user application. Additionally, Think
Latitude will cover the landing webpage, quality assurance testing
and inherent services such as server architecture setup, scaling,
load balancing, database setup, application deployment, and bug fix
support.
The period of performance and
first beta release of the new platform is projected for approximate
March release, with the start date contingent upon the day
Joshua Sodaitis, CEO of Mobicard (PTOP), accepts the Statement
of work and sends the first payment to Think Latitude. While this
timeframe is too short to complete the entire enterprise-level
platform, the Think Latitude Development team will complete the
majority of the features within this timeframe as a beta
application that can be released to the market. Some features may
continue to be worked on and releases will still be loaded as
enhancements are made until full completion. Any modifications or
extensions will be requested through Think Latitude and
Mobicard
for review and
discussion. Extension guidelines may occur due to resource
allocation issues, scope requirement changes, additional services
needed, and or QA testing delays from the client releases, which
will need to be amended into the existing SOW. Extensions due to
scope changes may also incur an additional
cost payable by Mobicard.
CEO of Mobicard Joshua Sodaitis said "I am excited for a
partnership with Think Latitude and believe the final conclusion to
the negotiation process will be advantageous for both companies in
the long term, specifically the equity stake gives the core
businesses product developers an added incentive to add value and
ideas to differentiate and elevate Mobicard from our competitors. I chose
Think Latitude after extensive research and I think they are
exactly the right partner to make Mobicard the superior choice in our
market." Josh went on to say "Even though we have not executed
final documents or sent the 1st payment, Think Latitude is
excited to get started and already have their senior architect
developers laying out the framing of the
project. They
expressed to me they know it's not a matter of "if" but "when" we
return the SOW. Disclosing the terms of this agreement so
that I can
communicate to shareholders the use of proceeds to accredited
investors that we will seek new funding from. I will be hosting a
conference call for a number of interested parties with the
intention to obtain funding that will ensure the project is
financed through completion as well as aid the company in operating
capital and completing the financials to bring them current. The
idea will be that each interested party can contribute part of the
total so that Mobicard does not have to take on any
toxic debt. Our goal is to have the final agreement and first
payment executed after our corporate council securities attorney
structures the equity and anti-dilution clause and get the project
started by Monday of next week."
In Addition,
Mobicard's
CFO James Bento
giving a financials progress report told the CEO that it has been
progressing according to the proper GAAP & PCAOB accredited
standards and that the audit review firm was going through a
confirmation phase for fiscal year ending 9/30/2015.
The accountants have turned a
corner and as per the agreement with Mobicard have completed phase
one. Mobicard in compliance with the terms
of their agreement with the accountants has sent an additional
payment to cover completion of work associated with the fiscal year
ending 9/30/2016 to be delivered to the auditors for review upon
completion. A conference call between the accountants and
Mobicard
discussing
multiple topics including, but not limited to, the Code2Action note
in (PTOP) detailed in an 8(k) filing with the SEC in 2015 for
valuation purposes necessary for the auditors is scheduled for
today (Monday 12/3/2018).
The implementation of the
vision of the future growth of Mobicard and the terms of the SOW
should pave the way for long term shareholder
profitability.
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. The company is no longer a
fully reporting SEC filing company.
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.
Joshua Sodaitis, CEO
MobiCard, Inc.
45 Prospect
Street, Cambridge, MA 02139
Phone:
1-617-651-2460
Email: info@freemobicard.com
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