FNDS3000 Corp Completes $1.8 Million Financing
08 December 2009 - 1:00AM
PR Newswire (US)
JACKSONVILLE, Fla., Dec. 7 /PRNewswire-FirstCall/ -- FNDS3000 Corp
(OTC Bulletin Board: FDTC) (Frankfurt: "FT4," A0MWLG) announced
today the completion of the second closing of a non-brokered
private placement financing agreement in which the Company raised a
total of $1.8 million through the issuance of its common stock and
warrants to Sherington Holdings, LLC ("Sherington") and Other
Investors. In addition to the proceeds of the financing, the
Company extended its mobile banking initiative for which a company
associated to Sherington is contributing significant services. The
material terms of the financing agreements are outlined in Form 8-K
filed with the Securities and Exchange Commission on December 4,
2009. The closing took place on November 30, 2009. Together with
the first closing the financing aggregated to a sale of 10,540,000
shares of common stock at $0.15 per share to Sherington for total
cash funds received by the Company of $1,581,000. In addition a
company associated with Sherington is providing specialist services
to enhance mobile banking capabilities which the parties have
valued at $250,000. The Company also sold 1,251,428 shares of
common stock at $0.175 per share to Other Investors for total funds
received by the Company of $219,000. For each share purchased by
both groups of accredited investors, they will receive a warrant to
purchase one share of the Company's common stock exercisable at
$0.175 per share for 24 months from the date of the second closing.
Other Investors included members of our management team, who are
also Directors of the Company, along with other existing investors.
The Company offered and sold the common stock and warrants to
qualified accredited investors, in transactions exempt from the
registration requirements of the Securities Act of 1933, as
amended, and therefore the transactions have not been registered
under the Securities Act or any state securities laws. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities. About FNDS3000 Corp: FNDS3000
Corp (OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt: "FT4," A0MWLG)
is a financial transaction processing service company. Since its
inception, its focus has been on the development and implementation
of a variety of prepaid card programs outside the United States,
including services to individuals who lack access to conventional
banking services. FNDS3000 meets a vital need of companies that
have financial dealings with such individuals by offering prepaid
cards that can be tailored to the differing requirements of each
customer. FNDS3000 intends to provide these services in both
developed and underdeveloped nations through a proven U.S.
processing platform that has been designed for international and
cross border capability. Many of these FNDS3000 products carry
worldwide brand marks and can be used anywhere that accepts these
brands. Programs that can be supported include payroll, insurance,
medical aid, gift cards, prepaid cellular charges and small-scale
international transfers of funds. Forward Looking Statements
Matters discussed in this press release contain forward looking
statements as defined under the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward
looking statements involve risk and uncertainties, which could
significantly impact the actual results, performance, or
achievements of the Company. Such risks and uncertainties include,
but are not limited to, the potential loss of our relationships
with each of the parties that sponsor our cards and banks that
manufacture, issue, and own the cards; the loss of our service
providers; security breaches of our electronic information; the
inability to raise sufficient capital to fund its operations; and
other risks as may be detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission.
The Company assumes no obligation to publicly update or revise its
forward looking statements even if experience or future events make
it clear that any of the projected results expressed or implied
herein will not be realized. http://www.fnds3000.com/ DATASOURCE:
FNDS3000 Corp CONTACT: Joe McGuire, Chief Financial Officer of
FNDS3000 Corp, +1-904-273-2702, Web Site: http://www.fnds3000.com/
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